To proceed from assumptions about an abstract theoretical set-up and from them to draw conclusions about the observable world and to test - by rough or more refined means - whether the conformity with observations is "good" enough, is indeed the time honoured procedure that all empirical sciences, including the natural sciences, have used. I shall therefore not plead guilty of heresy even if I do work with choice-theory concepts that are not invariant under a general monotonic transformation of the utility indicator. (Ragnar Frisch)

To proceed from assumptions about an abstract theoretical set-up and from them to draw conclusions about the observable world and to test - by rough or more refined means - whether the conformity with observations is "good" enough, is indeed the time honoured procedure that all empirical sciences, including the natural sciences, have used. I shall therefore not plead guilty of heresy even if I do work with choice-theory concepts that are not invariant under a general monotonic transformation of the utility indicator.

Ragnar Frisch

Related topics

abstract conformity draw enough general good guilty heresy indicator invariant natural observable procedure proceed refined rough test time transformation under utility work world means set-up sciences

Related quotes