• Principles of Economics

  Experiments and natural science

  Posted by Gerald on December 27, 2020 at 01:10

  In Ch. 1, Saifedean comments that economics can never be like natural science because it is impossible to construct a controlled experiment. This might appear to be obvious, but astrophysics provides a counter example. Celestial objects are at least light years away, and too distant to allow experiments today. Some very interesting objects like quasars with black hole cores are all hundreds of millions of light years away and humanity will (probably) never reach them. Yet astrophysics is a well developed and widely accepted branch of natural science.

  So putting aside unrelated arguments, it is theoretically possible to establish a scientific theory of economics by using only observations of events.

  Gerald replied 4 years ago 1 Member · 0 Replies
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