Methodologies of positive economics - Paul Samuelson
5 important questions on Methodologies of positive economics - Paul Samuelson
What was Samuelson's critique on Friedmans position regarding unrealism?
What is descriptivism? (Samuelson)
Theories cannot give an explanation only descriptions
Descriptions can be used for predictions, but this is not the main point
vb: maximizing utility functions (preferences), cannot be operationalized
What was the problem with induction in this debate?
(Empirically tested theories cannot contain laws)
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What was a difficulty with Samuelson's approach?
It cannot be operationalized, which is what Samuelson did want
What is the Revealed preference theory? RPT
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