Abductive Reasoning in Macroeconomics

Published By: Indira Gandhi Institute of Development Research (I | Published Date: July , 2016

Macroeconomic analytical frameworks change with events they are unable to explain. The process is closer to abductive reasoning that is based on both events and analysis, unlike induction which is data-based and deduction where analysis dominates. Abduction reasons backwards from the outcome, to deduce the framework with which it is compatible. Therefore it is useful to study how macroeconomic conceptual frameworks evolve after anomalous outcomes such as crises. [WP-2016-022].

Author(s): Ashima Goyal | Posted on: Aug 31, 2016 | Views() | Download (348)

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