ABSTRACT
Milton Friedman embodies the thinking of neoclassical monetarists from the Chicago school, who were met as adequate metaphors in the political arena by Reagan, Thatcher and Mulroney, in the US, UK and Canada respectively. As Popper postulated, truths are apt for the times and are only waiting to be falsified by other better truths that emerge now and again as better solutions to problems, solutions that fit better with constantly changing contexts and problems. Soros illustrates clearly the fallibility of the incumbent deductive method in economics enquiry, blaming this methodological stance for the failure of the economics science in getting it right more often than not, as a true science should. Model building attempts in economics grounded on methodological approaches that are characteristic of research programmes and traditions mainly to be found in the exact sciences are in all probability not adequate for the social sciences, and this partly justifies the low predictive capabilities of economics as a science.
