3 ms·
Not always/limited in some areas (astrophysics come to mind where we, e.g., cannot (yet) create a star under controlled conditions). Testing hypotheses or predi
by RandomLensman 1y ago
Not always/limited in some areas (astrophysics come to mind where we, e.g., cannot (yet) create a star under controlled conditions). Testing hypotheses or predictions vs observations is also a valid method.
- belter 1y agoScience is not about where you test hypotheses, but how. Astrophysics builds falsifiable models and checks them against reality like spectra, gravitational waves, etc... When predictions fail, theories change. If these were economists, they would check if their equations match the economic universe they live in. :-) Instead, they conclude the agents just “did not behave rationally enough”.
- RandomLensman 1y agoNot about controlled conditions then necessarily. Not really my experience with economics - a lot of awareness of reality vs model (regardless of how "beautiful" they are).
- genericresponse 1y agoThat's just not true. The models have real predictive power, they just have limitations. Behavioral economics, which tackles this frontier is still a growing field. Thaler, Kahneman, and Taversky won the prize in 2017 for building the bridge between economic theory and individual decision-making. At the risk of being inflammatory-- These arguments are the equivalent of saying that Newton didn't really do physics because his models of mechanics break down at high enough speeds and small enough scales.