Dundee Discussion Papers in Economics 276: Macroeconomics: science or faith based discipline?

    Research output: Working paperDiscussion paper

    Abstract

    Whether or not macroeconomics is a science depends on the scientific nature of macroeconomic theories and how the discipline responds when the empirical evidence fails to match the underlying assumptions and predictions
    of the theories. By way of an example, four conditions for macroeconomics to be a science are developed and used to examine the ‘modern’ theories of the Phillips curve. It is found that while the discipline in general maintains one
    condition it routinely violates the other three. This suggests the macroeconomics discipline has some way to go before it can call itself a ‘pure science’.
    Original languageEnglish
    PublisherUniversity of Dundee
    Number of pages33
    Publication statusPublished - 26 Sep 2013

    Publication series

    NameDundee Discussion Papers in Economics
    PublisherUniversity of Dundee
    No.276
    ISSN (Print)1473-236X

    Keywords

    • Methodology
    • Phillips curve
    • inflation
    • structural breaks
    • Non-stationary data
    • macroeconomics

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