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INDUCTION, COMPLEXITY, AND ECONOMIC METHODOLOGY

INDUCTION, COMPLEXITY, AND ECONOMIC METHODOLOGY The standard objections to induction are reviewed, and this leads to the conclusion that the supposed ‘riddles’ of induction are an artifact of the application of classic two-valued logic in domains in which it is inappropriate. Four logically distinct domains are explored, while progressively relaxing the restrictions essential for the valid application of CL, viz, pre-existing, guaranteed systems of classification, fixed antecedent/ consequent relationships, and congruent values/ paradigms. Natural kinds, fuzzy logic, and problem structure resolve the grue and raven paradoxes, and support an enriched concept of rationality. The implications for the definition of science are explored, and the relativist position is rejected. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economics, Management, and Financial Markets Addleton Academic Publishers

INDUCTION, COMPLEXITY, AND ECONOMIC METHODOLOGY

Economics, Management, and Financial Markets , Volume 4 (1): 138-171 – Jan 1, 2009

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Publisher
Addleton Academic Publishers
Copyright
© 2009 Addleton Academic Publishers
ISSN
1842-3191
eISSN
1938-212X
Publisher site
See Article on Publisher Site

Abstract

The standard objections to induction are reviewed, and this leads to the conclusion that the supposed ‘riddles’ of induction are an artifact of the application of classic two-valued logic in domains in which it is inappropriate. Four logically distinct domains are explored, while progressively relaxing the restrictions essential for the valid application of CL, viz, pre-existing, guaranteed systems of classification, fixed antecedent/ consequent relationships, and congruent values/ paradigms. Natural kinds, fuzzy logic, and problem structure resolve the grue and raven paradoxes, and support an enriched concept of rationality. The implications for the definition of science are explored, and the relativist position is rejected.

Journal

Economics, Management, and Financial MarketsAddleton Academic Publishers

Published: Jan 1, 2009

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