The Scientific Method of Keynes

Abstract

The great stimulus to macroeconomic theory provided by Keynes is well recognised, but much less is said about his views on scientific methodology and his influence there. There is a widespread belief among economists that Keynes was an a priori thinker who dealt with “facts” and empirical material in a cavalier and high‐handed manner. We question the validity of this interpretation and give evidence to show that Keynes' methodology was not hostile to empiricism.

To Basel or not to Basel? Banking crises and contagion

“…Object-oriented programming ensures that the data included in the data structures is accurate and is used in the appropriate manner. Littleboy and Mehta (1983) suggest that Keynes' ultimate goal was to build a model for the entire economic system using behaviour, not mathematics. Use of object-oriented programming in economic modelling is also supported by Bilina and Lawford (2012) and by Doornik (2002).…”