Why Call Empirical Economics Scientific?

The main problem with empiricism is that it is an inappropriate methodology for the human sciences. Subjective choices do not fit the requirements of the empirical methodology but rather than adopting the correct methodology empiricists violate the ethics of true science and try to fool themselves and others by fabricating elaborate vain imaginings and then call it ‘science’.

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Internal And External Entrepreneurship!

Every time an aspect of the human reality is dissected and compartmentalized, what happens if it is not brought back into harmony, is fragmented knowledge. This fragmentation sometimes is called ‘specialization’ but it then suffers from lacking the key ingredients of wholesomeness and even relevance.

For instance, there is fragmentation by some of those studying entrepreneurship; into Kirznerian or Knightian! Surely there is a coordinated way of viewing this – like two sides of the same coin.

Is alertness sufficient? Is alertness primary? Human beings possess the quality of search and find. This is not an omnipresent condition because humans have limitations which means there is active entrepreneurship and latent entrepreneurship. This finds expression subjectively for each person.

At what point is it risky to act even after the discovery? Can the risk be borne? What is the subjective evaluation of the uncertainty and how special is the willingness to bear uncertainty?

Notice the common thread of subjective decision-making. Recognizing the subjective nature of humans dissipates the need to artificially parcel human action. Both the Kirznerian and Knightian perspectives merge into one in the divine economy theory.

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