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Taking this view, it is possible to see financial markets as a laboratory for testing hypotheses, albeit not strictly scientific ones. The truth is, successful investing is a kind of alchemy.
George Soros
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Three precepts are offered to constitute a foundation for the use of laboratory experimental methods in testing hypotheses about the behavior of allocation mechanisms.
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See, in my line of work you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda. - May 24, 2005.
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Much early alchemy seems to have been adventure. You heated and mixed and burnt and pounded and to see what would happen. An adventure might suggest an hypothesis that can subsequently be tested, but adventure is prior to theory.
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The slow, the never ending approach to truth consists in perpetually forming and testing hypotheses, accepting those at which at the time seem to fit the facts and rejecting the others.
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Traditional scientific method has always been at the very best 20-20 hindsight. It's good for seeing where you've been. It's good for testing the truth of what you think you know, but it can't tell you where you ought to go.
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