4 ms·
Not an expert but my guess is: A purely deductive approach to economics shouldn't work because economics is not mathematics. Austrian economics is an attempt to
by ogogmad 4y ago
Not an expert but my guess is: A purely deductive approach to economics shouldn't work because economics is not mathematics. Austrian economics is an attempt to justify economic policies many would consider overly individualistic using pure deduction.
An example of deduction failing unexpectedly can be found here: https://en.wikipedia.org/wiki/Unexpected_hanging_paradox https://en.wikipedia.org/wiki/Unexpected_hanging_paradox
- christophilus 4y agoMaybe I don’t understand the problem, but I don’t see how that shows deduction failing. You can deduce that the time of the event will be a surprise and thus cannot be deduced from the available facts.