ECO 304K Lecture Notes - Lecture 2: Scientific Method, Pseudoscience, Falsifiability
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ECO 304K Full Course Notes
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Economists follow scientific method to formulate their theories about economy. And, unlike electrons, people have a mind of their own. People can be motivated by all kinds of things and are not so forth coming about their motivations. Pseudoscience: using past data to explain the present. He could explain anything by blaming it on the past. Science: using past data to predict the future. (einstein) was taking a risk, because the future is uncertain. See chart in blue phone"s photo gallery. 2 the scientific method in economics: positive vs. It"s a statement of fact: it describes how the world is and one can scientifically test its validity. It describes how the world ought to be and one cannot scientifically test its validity. (subjective) According to a, b is better than c. is positive! We can go back to a for validation. Should normative (check blue phone pics for examples)
