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Economics Beyond the Millennium$
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Alan P. Kirman and Louis-André Gérard-Varet

Print publication date: 1999

Print ISBN-13: 9780198292111

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292112.001.0001

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On the Empirical Content of Economic Theories

On the Empirical Content of Economic Theories

(p.37) 3 On the Empirical Content of Economic Theories
Economics Beyond the Millennium

Werner Hildenbrand

Oxford University Press

The author argues that the standard equilibrium model of economics is devoid of empirical content and that a theory based on individual rationality derived from introspection provides no explanations of real world phenomena. He suggests that the way forward lies in deriving predictions from empirical facts and then testing for the presence of these facts. This is contrary to current practice.

Keywords:   expenditure, explanation, law of demand, market demand, structure of economic data

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