Philosophy of Science

The course aims at providing students with the fundamental methodological principles that guide scientific research in economics, as well as the critical tools to identify potential flaws in the use or theories or data. In particular, the course illustrates the philosophical foundation to frame the use of theoretical models as well as to conduct empirical research. It also aims at clarifying the differences between research in economics and in other natural and social sciences.

At the end of the course the student will be able to understand the functions of theoretical speculation and empirical observation in economic research; to understand and evaluate the virtues and limitations of idealized models; to understand and evaluate the how different types of empirical evidence differ in terms of their internal consistency and external validity towards identifying causality; to appreciate the essential characteristics of a good experimental design; to distinguish between inductive and deductive inferences, statistical and causal inferences, and to understand the difference between different types of errors in the interpretation of data.