Methodology and Diversity Assignment 12) According to Eichner why is economics not yet a science?To introduce the theory of e2conomics of why economics is not yet a science, according to A.S Eichner the pretentions simply do not follow a science. It could never be really a science unless economics challenge the way they do it. This is substantially needed by engaging in empirical testing.
This means why can it be said according to Eichner that economics is not yet a science, a major reason is that economist have failed to use the Epistemological rules. These are needed so that there is a foundation set to stop economist from making errors.
"In particular, they refuse to take seriously the stricture that any ideas or theories they put forward must be emphirically confirmed." (Eichner A. S, 1983, page 206).
This means that if the theories are not emphirically confirmed, the theory will lead to failure.
An example of how indifference curves are obtained...
Indifference Curve
English: Demand curve created from indifference cu...The reason for the failure of the theories is because economics as a discipline includes body of theory; however it lacks foundation in reality. This therefore means that if a theory s based upon this then there will not be positive results. This will lead to factors such as negative outcomes. For example, basing public policy on this type of method will lead to failure. Therefore the epistemological rules have to be reviewed for the discipline.
The epitemology is a branch of knowledge of how knowledge is gained.
"What uniquely characterises a scientific approach is a certain epistemology, or way of validating ideas." (Eichner A. S, 1983, page 207).
Therefore a set of rules have been evolved for stating what is false hence the epistemology of science, and this consists of a series of tests which will be explained further down.
A key part of the...