23 Feb '15 15:22>
When nobel prize winning economist Milton Friedman stated that assumptions weren't important , it was predictions that mattered , it doesn't seem that scientific, have I missed something .
Originally posted by crikey63It strongly depends on the context in which he said it. If one makes some assumptions and the resultant model produces realistic results then the assumptions gain post hoc justification. If on the other hand he could just have been attempting to deflect valid criticism of his theory, in a fallacious fashion - I find it difficult to believe he produced a model which made particularly precise or testable predictions.
When nobel prize winning economist Milton Friedman stated that assumptions weren't important , it was predictions that mattered , it doesn't seem that scientific, have I missed something .
Originally posted by Shallow BlueEconomics can be studied scientifically. That doesn't mean that it always is.
Economics is often called the Dismal Science. Two groups of people vehemently disagree with this name - economists because they claim economy isn't dismal, scientists because economy isn't a science.