Page 13 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE

We also would like to notice that subjectivity within the economic

processes is presented as one of the varieties of epistemological
relations. At the same time from logical point of view these varieties are

subdivided into the independent “parts”. Without a doubt any idea
generated in respect of economic process is based on nature of the

economic thought. Therefore the reason and routs of subjectivity are

investigated in theory. Only in cases when the appropriateness and
validity of some particular theory was tested for subjectivity, it can be

used for approval of economic fact.
One more point which makes the problem more complex is

inability to show in precise form feedback relations between economic

processes. Thus factual level (within economic investigations) logically
can act as independent level. In other words, the best case is that we will

face the problem of contradiction of functional explanation with
nomothetic one.

K. Hempel in his book named “The Logic of functional analysis”
said that mentioned reduction is reality [Hempel. 1959: 301].

The economics related investigations of Hempel are not “black and

white” as it can seem from the first sight:
1) the way from factual level to the theory. The interpretation of

economic fact is implemented by the means of existing theoretical
construction. Not otherwise.

2) The factual conclusion is interpreted by different theories in
different ways;

3) The identification of which of the existing variety is the closest

to reality is very complicated issue.

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