Universal Laws and Economic Phenomena
Despite the idiosyncratic behavior of individuals, empirical regularities exist in social and economic systems. These regularities often arise from simple underlying mechanisms which, analogous to the natural sciences, can be expressed as universal principles or laws. In this essay, I discuss the si...
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| Format: | Journal article |
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2011
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| _version_ | 1797054678331031552 |
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| author | Gerig, A |
| author_facet | Gerig, A |
| author_sort | Gerig, A |
| collection | OXFORD |
| description | Despite the idiosyncratic behavior of individuals, empirical regularities exist in social and economic systems. These regularities often arise from simple underlying mechanisms which, analogous to the natural sciences, can be expressed as universal principles or laws. In this essay, I discuss the similarities between economic and natural phenomena and argue that it is advantageous for economists to adopt methods from the natural sciences to discover “universal laws” in economic systems. |
| first_indexed | 2024-03-06T19:00:37Z |
| format | Journal article |
| id | oxford-uuid:136534f6-1f8f-4213-82d2-30a84734ef87 |
| institution | University of Oxford |
| last_indexed | 2024-03-06T19:00:37Z |
| publishDate | 2011 |
| record_format | dspace |
| spelling | oxford-uuid:136534f6-1f8f-4213-82d2-30a84734ef872022-03-26T10:13:41ZUniversal Laws and Economic PhenomenaJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:136534f6-1f8f-4213-82d2-30a84734ef87Saïd Business School - Eureka2011Gerig, ADespite the idiosyncratic behavior of individuals, empirical regularities exist in social and economic systems. These regularities often arise from simple underlying mechanisms which, analogous to the natural sciences, can be expressed as universal principles or laws. In this essay, I discuss the similarities between economic and natural phenomena and argue that it is advantageous for economists to adopt methods from the natural sciences to discover “universal laws” in economic systems. |
| spellingShingle | Gerig, A Universal Laws and Economic Phenomena |
| title | Universal Laws and Economic Phenomena |
| title_full | Universal Laws and Economic Phenomena |
| title_fullStr | Universal Laws and Economic Phenomena |
| title_full_unstemmed | Universal Laws and Economic Phenomena |
| title_short | Universal Laws and Economic Phenomena |
| title_sort | universal laws and economic phenomena |
| work_keys_str_mv | AT geriga universallawsandeconomicphenomena |