Economic Analysis (Dec 2015)
The Limits of the Scientific Method in Economics and Business: A Critical View
Abstract
The purpose of this paper is to discuss the limits of scientific method in economic research.In the paper is pointed out that despite the scientific method, which encounters a great applicability in economics and business, when forecasting future economic developments in question, its capabilities is very limited. Therefore, the modern scientific method should synthesize rationalism and empiricism In this context, the paper concludes with the assumption that knowledge of mathematical logic, including all its abilities, is in itself highly valuable and is an important supplement to the already existing scientific methodology that cannot be ruled out in economic research.
