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  1. The Diversity of Models as a Means to Better Explanations in Economics.Emrah Aydinonat - forthcoming - Journal of Economic Methodology 25 (3):237-251.
    In Economics Rules, Dani Rodrik (2015) argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a clearer picture of how models relate to explanations of particular economic facts or events, and suggest that the diversity of models is a means to better economic explanations.
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  2. Theories and Models.Axel Leijonhufvud - forthcoming - Journal of Economic Methodology.
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  3. A Critical Approach to Critiquing Economics.Hayden Wilkinson & Geoffrey Brennan - forthcoming - In Virtues and Economics 4.
  4. Holding Back From Theory: Limits and Methodological Alternatives of Randomized Field Experiments in Development Economics.Judith Favereau & Michiru Nagatsu - 2020 - Journal of Economic Methodology 27 (3):191-211.
    In this paper, we critically and constructively examine the methodology of evidence-based development economics, which deploys randomized field experiments as its main tool. We describe the...
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  5. On the Individuation of Choice Options.Roberto Fumagalli - 2020 - Philosophy of the Social Sciences 50 (4):338-365.
    Decision theorists have attempted to accommodate several violations of decision theory’s axiomatic requirements by modifying how agents’ choice options are individuated and formally represented. In recent years, prominent authors have worried that these modifications threaten to trivialize decision theory, make the theory unfalsifiable, impose overdemanding requirements on decision theorists, and hamper decision theory’s internal coherence. In this paper, I draw on leading descriptive and normative works in contemporary decision theory to address these prominent concerns. In doing so, I articulate and (...)
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  6. Explanatory Value in Context: The Curious Case of Hotelling’s Location Model.Emrah Aydinonat & Emin Köksal - 2019 - European Journal of the History of Economic Thought 26 (5):1-32.
    There is a striking contrast between the significance of Harold Hotelling’s contribution to industrial economics and the fact that his location model was invalid, unrealistic and non-robust. It is difficult to make sense of the explanatory value of Hotelling’s model based on philosophical accounts that emphasize logical validity, representational adequacy, and robustness as determinants of explanatory value. However, these accounts are misleading because they overlook the context within which the explanatory value added of a model is apprehensible. We present Hotelling’s (...)
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  7. Ethics of the Scientist Qua Policy Advisor: Inductive Risk, Uncertainty, and Catastrophe in Climate Economics.David Frank - 2019 - Synthese:3123-3138.
    This paper discusses ethical issues surrounding Integrated Assessment Models (IAMs) of the economic effects of climate change, and how climate economists acting as policy advisors ought to represent the uncertain possibility of catastrophe. Some climate economists, especially Martin Weitzman, have argued for a precautionary approach where avoiding catastrophe should structure climate economists’ welfare analysis. This paper details ethical arguments that justify this approach, showing how Weitzman’s “fat tail” probabilities of climate catastrophe pose ethical problems for widely used IAMs. The main (...)
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  8. Introduction to Symposium.Magdalena Małecka & Michiru Nagatsu - 2019 - Journal of Economic Methodology 26 (3):177-178.
  9. Contemporary Philosophy and Social Science: An Interdisciplinary Dialogue.Michiru Nagatsu & Attilia Ruzzene (eds.) - 2019 - London: Bloomsbury Academic.
  10. Why Economists Do Not Convince Folks?Tommaso Ostillio - 2019 - The Digital Scholar: Philosopher's Lab 2 (4):168-174.
    This paper argues that economics is epistemologically limited in at least two main ways: first, economics fails at managing uncertainty as effectively as natural sciences do; second, economics assumes that rational patterns of utility maximization are real just to ensure deduction within economic models. Hence, this paper maintains that the high level of abstraction from reality of economics limits its explanations of its constantly changing ontology, i.e. markets. In particular, this paper shows that the epistemological limitations of economics become evident (...)
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  11. Cluster Approach in Innovation and Investment Entrepreneurial Activity in Free Economic Zones Promoting.Igor Britchenko & Peter Jarosz - 2018 - In Igor Britchenko & Yevheniia Polishchuk (eds.), Development of small and medium enterprises: the EU and east-partnership countries experience: collective monograph. pp. 117 - 129.
    In markets globalization and increasing competition context, governments of the world’s leading countries are forced to use complex organizational and economic instruments to support the countries’ economy. One of such instruments is creation of Free Economic Zones (FEZ) with favorable conditions for doing business. Over the last decade activation process of Free Economic Zones mechanism disposal for the economy of a particular country development has been possible to observe. If in 1995 there were approximately 500 zones in the world, now (...)
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  12. Development of Small and Medium Enterprises: The EU and East-Partnership Countries Experience: Monograph.Igor Britchenko & Ye Polishchuk (eds.) - 2018 - Wydawnictwo Państwowej Wyższej Szkoły Zawodowej im. prof. Stanisława Tarnowskiego w Tarnobrzegu.
    The monograph reveals challenging issues of small and medium enterprises development in the European Union and East-Partnership countries. Special attention is paid to a new paradigm of financing investments and fostering innovations at all levels of legal entities including SMEs, enhancing innovative entrepreneurship in conditions of global social and technological challenges as well as determining priority sectors for small and medium enterprises as drivers of economic growth. The authors of the monograph emphasize on such European approaches to financing SMEs as (...)
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  13. What Does Interdisciplinarity Look Like in Practice: Mapping Interdisciplinarity and its Limits in the Environmental Sciences.Miles MacLeod & Michiru Nagatsu - 2018 - Studies in History and Philosophy of Science Part A 67:74-84.
    In this paper we take a close look at current interdisciplinary modeling practices in the environmental sciences, and suggest that closer attention needs to be paid to the nature of scientific practices when investigating and planning interdisciplinarity. While interdisciplinarity is often portrayed as a medium of novel and transformative methodological work, current modeling strategies in the environmental sciences are conservative, avoiding methodological conflict, while confining interdisciplinary interactions to a relatively small set of pre-existing modeling frameworks and strategies (a process we (...)
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  14. Modelar o no modelar: esa no es la cuestión. ¿Hay algo intermedio?Agustina Borella - 2017 - Revista Perspectivas de Las Ciencias Económicas y Jurídicas 7 (2):89-100.
    The present paper tries to show that in the discussion on whether it is better to model or not to capture truth in the social world, that is not what is mainly being discussed. We put forward that the main question in this discussion is, essentially, ontological, not methodological. As a representative of the “to model position” we will refer to Uskali Mäki’s Possible Realism, and as one ofthe “notto model position” we will consider Tony Lawson’s Critical Realism. What will (...)
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  15. A Puzzle About Economic Explanation: Examining the Cournot and Bertrand Models of Duopoly Competition.Jonathan Nebel - 2017 - Dissertation, Kansas State University
    Economists use various models to explain why it is that firms are capable of pricing above marginal cost. In this paper, we will examine two of them: the Cournot and Bertrand duopoly models. Economists generally accept both models as good explanations of the phenomenon, but the two models contradict each other in various important ways. The puzzle is that two inconsistent explanations are both regarded as good explanations for the same phenomenon. This becomes especially worrisome when the two models are (...)
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  16. Adjusting the Model to Adjust the World: Constructive Mechanisms in Postwar General Equilibrium Theory.Ivan Boldyrev & Alexey Ushakov - 2016 - Journal of Economic Methodology 23 (1):38-56.
    Economic methodologists most often study the relations between models and reality while focusing on the issues of the model's epistemic relevance in terms of its relation to the ‘real world’ and representing the real world in a model. We complement the discussion by bringing the model's constructive mechanisms or self-implementing technologies in play. By this, we mean the elements of the economic model that are aimed at ‘implementing’ it by envisaging the ways to change the reality in order to bring (...)
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  17. El Realismo Pictórico de los modelos económicos. [REVIEW]Agustina Borella - 2016 - Revista Perspectivas de Las Ciencias Económicas y Jurídicas 6:99-105.
    En su reciente obra Tony Lawson nos invita a recorrer una vez más un análisis detallado de los problemas de la economía como ciencia, y en particular del modelar matemático. Intenta responder a preguntas como ¿qué hacen los economistas académicos modernos?, ¿qué es actualmente la economía mainstream?, ¿qué esla economía neoclásica y qué la heterodoxa?, ¿cómo se relacionan las preocupaciones de los economistas modernos con aquellas que tradicionalmente consideraba la disciplina? y ¿cómo llegó la economía a su estado actual?
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  18. Preferences and Positivist Methodology in Economics.Christopher Clarke - 2016 - Philosophy of Science 83 (2):192-212.
    I distinguish several doctrines that economic methodologists have found attractive, all of which have a positivist flavour. One of these is the doctrine that preference assignments in economics are just shorthand descriptions of agents' choice behaviour. Although most of these doctrines are problematic, the latter doctrine about preference assignments is a respectable one, I argue. It doesn't entail any of the problematic doctrines, and indeed it is warranted independently of them.
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  19. Five Theses on Neuroeconomics.Roberto Fumagalli - 2016 - Journal of Economic Methodology 23 (1):77-96.
    Over the last decade, neuroeconomic research has attracted increasing attention by economic modellers and methodologists. In this paper, I examine five issues about neuroeconomic modelling and methodology that have recently been subject to considerable controversy. For each issue, I explicate and appraise prominent neuroeconomists' findings, focusing on those that are claimed to directly inform economic theorizing. Moreover, I assess often-made assertions concerning how neuroeconomic research putatively advances the economic modelling of choice. In doing so, I combine review and critical arguments (...)
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  20. The Recent Critique of Theoretical Economics: A Methodologically Informed Investigation.Lukasz Hardt - 2016 - Journal of Economic Issues 50 (1):269-287.
    My purpose is to appraise the recent critique of theoretical economics by applying the methodological perspective. Therefore, I start by identifying the main lines of criticism raised against theoretical economics in the aftermath of the post-2008 global economic crisis: namely, the voices criticizing economics for its unrealistic models, excessive mathematization, and overconfidence in its theoretical claims. First, I show that these issues are interconnected and should be jointly analyzed. Next, I investigate these lines of critique from the perspective provided by (...)
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  21. Between Isolations and Constructions: Economic Models as Believable Worlds.Lukasz Hardt - 2016 - Poznan Studies in the Philosophy of the Sciences and the Humanities 106.
    As the title of this essay suggests, my concern is with the issue of what are economic models. However, the goal of the paper is not to offer an in-depth study on multiple approaches to modelling in economics, but rather to overcome the dichotomical divide between conceptualizing models as isolations and constructions. This is done by introducing the idea of economic models as believable worlds, precisely descriptions of mechanisms that refer to the essentials of the modelled targets. In doing so (...)
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  22. I modelli in economia.Alessandra Basso & Caterina Marchionni - 2015 - Aphex 11.
    The paper reviews the philosophical literature on the epistemology of modelling in contemporary economics. In particular, it focuses on open questions concerning the epistemic role of models, the validity of inferences from the models to the world, and the legitimacy of their use for purposes of explanation, prediction and intervention.
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  23. La "Nueva Mainstream Más Pluralista": entre la ortodoxia y la heterodoxia.Agustina Borella - 2015 - XVI Congreso Nacional de Filosofía (AFRA).
    El presente trabajo intenta mostrar a la “Nueva Mainstream Más Pluralista” como un camino para abrir al diálogo entre la heterodoxia, que rechaza el insistente uso de modelos formales mainstream para acceder al mundo social complejo, y la ortodoxia que defiende el uso de tales modelos para conocer el mundo social. Como representante de los defensores de los modelos formales mainstream nos referiremos a la epistemología de Uskali Mäki y como crítico de tales modelos a la propuesta de Tony Lawson. (...)
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  24. For a Few Neurons More: Tractability and Neurally Informed Economic Modelling.Matteo Colombo - 2015 - British Journal for the Philosophy of Science 66 (4):713-736.
    There continues to be significant confusion about the goals, scope, and nature of modelling practice in neuroeconomics. This article aims to dispel some such confusion by using one of the most recent critiques of neuroeconomic modelling as a foil. The article argues for two claims. First, currently, for at least some economic model of choice behaviour, the benefits derivable from neurally informing an economic model do not involve special tractability costs. Second, modelling in neuroeconomics is best understood within Marr’s three-level (...)
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  25. Economic Models as Exploration Devices.Liliana Doganova - 2015 - Journal of Economic Methodology 22 (2):249-253.
  26. Much Ado About Models.Daniel M. Hausman - 2015 - Journal of Economic Methodology 22 (2):241-246.
  27. Moving Forward on Models.Mary S. Morgan - 2015 - Journal of Economic Methodology 22 (2):254-258.
  28. Neural Findings and Economic Models: Why Brains Have Limited Relevance for Economics.Roberto Fumagalli - 2014 - Philosophy of the Social Sciences 44 (5):606-629.
    Proponents of neuroeconomics often argue that better knowledge of the human neural architecture enables economists to improve standard models of choice. In their view, these improvements provide compelling reasons to use neural findings in constructing and evaluating economic models. In a recent article, I criticized this view by pointing to the trade-offs between the modeling desiderata valued by neuroeconomists and other economists, respectively. The present article complements my earlier critique by focusing on three modeling desiderata that figure prominently in economic (...)
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  29. Models in Economics Are Not Nomological Machines.Cyril Hédoin - 2014 - Philosophy of the Social Sciences 44 (4):424-459.
    This paper evaluates Nancy Cartwright’s critique of economic models. Cartwright argues that economics fails to build relevant “nomological machines” able to isolate capacities. In this paper, I contend that many economic models are not used as nomological machines. I give some evidence for this claim and build on an inferential and pragmatic approach to economic modeling. Modeling in economics responds to peculiar inferential norms where a “good” model is essentially a model that enhances our knowledge about possible worlds. As a (...)
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  30. Causal Models and Evidential Pluralism in Econometrics.Alessio Moneta & Federica Russo - 2014 - Journal of Economic Methodology 21 (1):54-76.
    Social research, from economics to demography and epidemiology, makes extensive use of statistical models in order to establish causal relations. The question arises as to what guarantees the causal interpretation of such models. In this paper we focus on econometrics and advance the view that causal models are ‘augmented’ statistical models that incorporate important causal information which contributes to their causal interpretation. The primary objective of this paper is to argue that causal claims are established on the basis of a (...)
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  31. Models at Work—Models in Decision Making.Ekaterina Svetlova & Vanessa Dirksen - 2014 - Science in Context 27 (4):561-577.
    In this topical section, we highlight the next step of research on modeling aiming to contribute to the emerging literature that radically refrains from approaching modeling as a scientific endeavor. Modeling surpasses “doing science” because it is frequently incorporated into decision-making processes in politics and management, i.e., areas which are not solely epistemically oriented. We do not refer to the production of models in academia for abstract or imaginary applications in practical fields, but instead highlight the real entwinement of science (...)
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  32. Understanding with Theoretical Models.Petri Ylikoski & N. Emrah Aydinonat - 2014 - Journal of Economic Methodology 21 (1):19-36.
    This paper discusses the epistemic import of highly abstract and simplified theoretical models using Thomas Schelling’s checkerboard model as an example. We argue that the epistemic contribution of theoretical models can be better understood in the context of a cluster of models relevant to the explanatory task at hand. The central claim of the paper is that theoretical models make better sense in the context of a menu of possible explanations. In order to justify this claim, we introduce a distinction (...)
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  33. It’s Just A Feeling: Why Economic Models Do Not Explain.Anna Alexandrova & Robert Northcott - 2013 - Journal of Economic Methodology 20 (3):262 - 267.
    Julian Reiss correctly identified a trilemma about economic models: we cannot maintain that they are false, but nevertheless explain and that only true accounts explain. In this reply we give reasons to reject the second premise ? that economic models explain. Intuitions to the contrary should be distrusted.
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  34. Economic Histories: Between Facts and Models.Giorgio Baruchello - 2013 - The European Legacy 18 (5):644-646.
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  35. Reflections on Soros: Mach, Quine, Arthur and Far-From-Equilibrium Dynamics.Rod Cross, Harold Hutchinson, Harbir Lamba & Doug Strachan - 2013 - Journal of Economic Methodology 20 (4):357-367.
    We argue that the Soros account of reflexivity does not provide a clear-cut distinction between a social science such as economics and the physical sciences. It is pointed out that the participants who attempt to learn from refutations of conjectures in the Soros world are likely to be haunted by the Duhem–Quine problem of conjointness of hypotheses and unfocused refutation. On a more constructive note, we argue that models of inductive learning, in which participants form conjectures on the basis of (...)
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  36. Genuineness Resolved: A Reply to Reiss' Purported Paradox.Till Grüne-Yanoff - 2013 - Journal of Economic Methodology 20 (3):255 - 261.
    This response to Reiss ?explanatory paradox? argues that some economic models might be true, and that many economic models are not intended for providing how-actually explanations, but rather how-possibly explanations. Therefore, two assumptions of Reiss? paradox are not true, and the paradox disappears.
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  37. Introduction to Symposium on the Explanation Paradox.D. Wade Hands - 2013 - Journal of Economic Methodology 20 (3):235 - 236.
  38. Paradox Postponed.Daniel M. Hausman - 2013 - Journal of Economic Methodology 20 (3):250 - 254.
    This comment argues that there is an explanation paradox in economics, as Julian Reiss maintains, only if models in economics succeed in explaining even though they are not approximately true, fail to identify the causes of what they purport to explain, and misdescribe the mechanism by which the causes lead to the effects to be explained. Reiss provides no reason to believe that models that do not describe the causes and mechanisms at work are nevertheless explanatory.
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  39. Mark Blaug's Unrealistic Crusade for Realistic Economics.Uskali Mäki - 2013 - Erasmus Journal for Philosophy and Economics 6 (3):87-103.
    Mark Blaug’s normative methodology of economics is an attempt to articulate certain intuitions about how economic science could be improved by making it more “realistic”. I discuss two such articulations, one in terms of falsificationist principles, the other in terms of an alleged trade-off between relevance and mathematical rigour. My conclusion is that Blaug’s methodology is itself unrealistic, both descriptively and normatively. His (well intended) methodological prescriptions for the improvement of economics are not based on a systematic, consistent, descriptively adequate, (...)
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  40. On a Paradox of Truth, or How Not to Obscure the Issue of Whether Explanatory Models Can Be True.Uskali Mäki - 2013 - Journal of Economic Methodology 20 (3):268 - 279.
    It is argued that Reiss (2012) fails to refute attempts to resolve the paradox of false explanatory models. His article fails to provide an articulate conception of what exactly the presumed paradox is, it suffers from uncontrolled ambiguities and inconsistencies, and it fails to adequately address accounts of economic models that might contribute to reconciling their apparent falsehood and explanatoriness. Some details in my account of how apparently false models may explain are clarified.
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  41. Contested Modelling: The Case of Economics.Uskali Mäki - 2013 - In Ulrich Gähde, Stephan Hartmann & Jörn Henning Wolf (eds.), Models, Simulations, and the Reduction of Complexity. Walter de Gruyter. pp. 87-106.
    Economics is a culturally and politically powerful and contested discipline, and it has been that way as long as it has existed. For some commentators, economics is the "queen of the social sciences", while others view it as a "dismal science" (and both of these epithets allow for diverse interpretations; see Mäki 2002). Economics is also a discipline that deals with a dynamically complex subject matter and has a tradition of reducing this complexity by using systematic procedures of simplification. Nowadays, (...)
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  42. Generative Explanation and Individualism in Agent-Based Simulation.C. Marchionni & P. Ylikoski - 2013 - Philosophy of the Social Sciences 43 (3):323-340.
    Social scientists associate agent-based simulation (ABS) models with three ideas about explanation: they provide generative explanations, they are models of mechanisms, and they implement methodological individualism. In light of a philosophical account of explanation, we show that these ideas are not necessarily related and offer an account of the explanatory import of ABS models. We also argue that their bottom-up research strategy should be distinguished from methodological individualism.
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  43. Idealization in Economics Modeling.Demetris Portides - 2013 - In Hanne Andersen, Dennis Dieks, Wenceslao González, Thomas Uebel & Gregory Wheeler (eds.), New Challenges to Philosophy of Science. Springer Verlag. pp. 253--263.
  44. The Explanation Paradox Redux.Julian Reiss - 2013 - Journal of Economic Methodology 20 (3):280 - 292.
    I respond to some challenges raised by my critics. In particular, I argue in favour of six claims. First, against Alexandrova and Northcott, I point out that to deny the explanatoriness of economic models by assuming an ontic (specifically, causal) conception of explanation is to beg the question. Second, against defences of causal realism (by Hausman, Mäki, Rol and Grüne-Yanoff) I point out that they have provided no criterion to distinguish those claims a model makes that can be interpreted realistically (...)
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  45. Reply to Julian Reiss.Menno Rol - 2013 - Journal of Economic Methodology 20 (3):244 - 249.
    Julian Reiss finds an insoluble paradox in the claims that economic models are at the same time false, nevertheless explanatory, and that only true explanations explain. But the claim that they are false is itself false. A closer look at what ?truth? may mean is needed.
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  46. How Fictional Accounts Can Explain.Robert Sugden - 2013 - Journal of Economic Methodology 20 (3):237 - 243.
    In this note, I comment on Julian Reiss's paper ?The explanation paradox?. I argue in support of two of the propositions that make up that paradox (that economic models are false, and that they are explanatory) but challenge the third proposition, that only true accounts can explain. I defend the ?credible worlds? account of models as fictions that are explanatory by virtue of similarity relations with real-world phenomena. I argue that Reiss's objections to the role of subjective similarity judgements in (...)
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  47. A Critical Look on Critical Realism.Agustina Borella - 2012 - Perspectives on Epistemology of Economics:183-207.
    Tony Lawson, founder of The Social Ontology Group and The Realist Workshop of Cambridge, has proposed critical realism to reorient economics. The transformation of the social world that Lawson tries, emerges from the adherence to critical realism, this is, from taking the transcendental realism of Roy Bhaskar to the social realm. With the purpose of deepening the criticisms to this movement, we will specify what is critical realism, and which are the philosophical assumptions of the mainstream according to this author. (...)
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  48. Measurement in Economics.Marcel Boumans - 2012 - In Uskali Mäki, Dov M. Gabbay, Paul Thagard & John Woods (eds.), Philosophy of Economics. North Holland. pp. 395.
  49. Userization.Andrej Poleev - 2012 - Enzymes 10.
    100 years after creating the Federal Reserve System (FED), whose legality and modus operandi remains questionable, there is time to rethink the national and also international payment system as a whole. The key element of existing economic relationships is the money that makes barter-free exchange possible. But monetary economics is only one aspect of more common political framework designed and established for retention of power. Such egoistic political interest proves its own relevancy and exerts ideological pressure on economic thought that (...)
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  50. Idealization and the Aims of Economics: Three Cheers for Instrumentalism: Julian Reiss.Julian Reiss - 2012 - Economics and Philosophy 28 (3):363-383.
    This paper aims to provide characterizations of realism and instrumentalism that are philosophically interesting and applicable to economics; and to defend instrumentalism against realism as a methodological stance in economics. Starting point is the observation that ‘all models are false’, which, or so I argue, is difficult to square with the realist's aim of truth, even if the latter is understood as ‘partial’ or ‘approximate’. The three cheers in favour of instrumentalism are: Once we have usefulness, truth is redundant. There (...)
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