Theoretical Economics

Abstract

The discussion of this study is confined to ‘economic theories’ in a restricted sense, namely to hypothetico-deductive systems in economics. The emphasis on the ‘hypothetico-deductive’ nature of the ‘system’ is meant here to forewarn that a purely descriptive account of a phenomenon, historical or statistical, would by itself not qualify as a theory no matter how important it may be as a potential or actual source or motivation for theoretical activity.