The philosophical view that interprets an idea in terms of its practical consequences and asks what difference it would make if it were true is called

Pragmatism

Explanation:

Pragmatism is the American school of philosophy and originated in US during second half of nineteenth century. It has influenced non-philosophers in the fields of education, politics, psychology and sociology. It deals with the practical results and considers human action and its consequences as the measure of truth. In pragmatism experimentation is nor only a method of scientific investigation but also the primary way people engage with others and the world around them. Different pragmatists utilise different models for experimentation.