Transforming Structural Econometrics
Chapter 5: Variables, laws and induction II: scientific variables and scientific laws in economics
The pattern of argument set out in Chapter 4 will now be adapted to the case of economics, to justify the existence of ‘economic laws’. With important caveats, economic laws are indeed law like and economics has some similarity to natural science; but there are significant differences, too, differences that the early econometricians may have failed to see clearly.
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