This paper examines two recent approaches to the nature and functioning of economic models: models as isolating representations and models as credible constructions. The isolationist view conceives of economic models as surrogate systems that isolate some of the causal mechanisms or tendencies of their respective target systems, while the constructionist approach treats them rather like pure constructions or fictional entities that nevertheless license different kinds of inferences. I will argue that whereas the isolationist view is still tied to the representationalist (...) understanding of models that takes the model-target dyad as the basic unit of analysis, the constructionist perspective can better accommodate the way we actually acquire knowledge through them. Using the example of Tobin’s ultra-Keynesian model I will show how many of the epistemic characteristics of modelling tend to go unrecognised if too much focus is placed on the model-target dyad. (shrink)

The paper uses a de-relativized variant of Woodward’s definition of direct type-level causation to develop an account of causal ceteris paribus laws. It argues that the relation between X and Y needs to satisfy three conditions in order to qualify as one of direct type-level causation, that satisfaction of these conditions guarantees the applicability of claims of direct type-level causation, that the context of applicability motivates referring to these conditions as cp conditions, and that claims of direct type-level causation qualify (...) as laws if they are explanatorily deep. The account of causal cp laws defended by the paper derives from a de-relativized variant of Woodward’s definition of direct type-level causation but can be shown not to conflict with Woodward’s thesis that there is no such thing as a cp law. (shrink)

Over the last 30 years the Indian philosopher-economist Amartya Sen has developed an original normative approach to the evaluation of individual and social well-being. The foundational concern of this ‘capability approach’ is the real freedom of individuals to achieve the kind of lives they have reason to value. This freedom is analysed in terms of an individual’s ‘capability’ to achieve combinations of such intrinsically valuable ‘beings and doings’ (‘functionings’) as being sufficiently nourished and freely expressing one’s political views. In this (...) account, ‘development’ is conceived as the expansion of individuals’ capability, and thus as a concept that goes beyond the economic growth of third world countries. My thesis is a philosophical examination of Sen’s capability approach. In the first part (chapters 1-3) I present and defend my interpretation of Sen’s work. (shrink)