Thoughts on the “scientific method”: part 2 – frequentist fecklessness
Abstract
Purpose
The purpose of this two‐part series is to consider the role of the “scientific method” (SM) in human understanding, questioning both its consistency in actual practice and its reasonableness as a system of philosophy and action.
Design/methodology/approach
Part 2 considers problems of inefficiency and inertia caused by the SM's collectivist, frequentist orientation.
Findings
It is argued that problems caused by the SM's frequentist framework may be avoided by a more individualist, Bayesian approach.
Originality/value
The two‐part series challenges certain aspects of the “scientific method” as employed in the practice of modern science.
Keywords
Citation
Powers, M.R. (2007), "Thoughts on the “scientific method”: part 2 – frequentist fecklessness", Journal of Risk Finance, Vol. 8 No. 4, pp. 325-329. https://doi.org/10.1108/15265940710818940
Publisher
:Emerald Group Publishing Limited
Copyright © 2007, Emerald Group Publishing Limited