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The Oxford Handbook of Philosophy of Economics

Oxford University Press (2009)

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  1. Idealization and the Aims of Economics: Three Cheers for Instrumentalism.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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  • The Explanation Paradox.Julian Reiss - 2012 - Journal of Economic Methodology 19 (1):43-62.
    This paper examines mathematical models in economics and observes that three mutually inconsistent hypotheses concerning models and explanation are widely held: (1) economic models are false; (2) economic models are nevertheless explanatory; and (3) only true accounts explain. Commentators have typically resolved the paradox by rejecting either one of these hypotheses. I will argue that none of the proposed resolutions work and conclude that therefore the paradox is genuine and likely to stay.
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  • Why Mental Content is Not Like Water: Reconsidering the Reductive Claims of Teleosemantics.Peter Schulte - forthcoming - Synthese:1-20.
    According to standard teleosemantics, intentional states are selectional states. This claim is put forward not as a conceptual analysis, but as a ‘theoretical reduction’—an a posteriori hypothesis analogous to ‘water = H2O’. Critics have tried to show that this meta-theoretical conception of teleosemantics leads to unacceptable consequences. In this paper, I argue that there is indeed a fundamental problem with the water/H2O analogy, as it is usually construed, and that teleosemanticists should therefore reject it. Fortunately, there exists a viable alternative (...)
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  • The Limits of Unification for Theory Appraisal: A Case of Economics and Psychology.Michiru Nagatsu - 2013 - Synthese 190 (2):2267-2289.
    In this paper I examine Don Ross’s application of unificationism as a methodological criterion of theory appraisal in economics and cognitive science. Against Ross’s critique that explanations of the preference reversal phenomenon by the ‘heuristics and biases’ programme is ad hoc or ‘Ptolemaic’, I argue that the compatibility hypothesis, one of the explanations offerd by this programme, is theoretically and empirically well-motivated. A careful examination of this hypothesis suggests several strengths of a procedural approach to modelling cognitive processes underlying individual (...)
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