Reactivity in Economic Science

Arbeitspapier

There is a fundamental difference between the natural and the social sciences due to reactivity. This difference remains even in the age of Artificially Intelligent Learning Machines and Big Data. Many academic economists take it as a matter of course that economics should become a natural science. Such a characterization misses an essential aspect of a social science, namely reactivity, i.e. human beings systematically respond to economic data, and in particular to interventions by economic policy, in a foreseeable way. To illustrate this finding, I use three examples from quite different fields: Happiness policy, World Heritage policy, and Science policy.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CREMA Working Paper ; No. 2017-10

Classification and Topics

• Classification: Wirtschaft ; General Economics: General ; Economic Methodology: General ; Game Theory and Bargaining Theory: General ; Data Collection and Data Estimation Methodology; Computer Programs: General ; Information, Knowledge, and Uncertainty: General ; Cultural Economics; Economic Sociology; Economic Anthropology: General
• Subject: Economics ; Social ; Natural Science ; Reactivity ; Data ; Happiness ; Economic Policy

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Frey, Bruno S.
• Event: Veröffentlichung
• (who): Center for Research in Economics, Management and the Arts (CREMA)
• (where): Zürich
• (when): 2017

Further information

• Handle: http://hdl.handle.net/10419/214603
• Last update: 10.03.2025, 11:43 AM CET