Philosophy of Science 74 (3):304-329 (2007)
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Abstract |
Like other mathematically intensive sciences, economics is becoming increasingly computerized. Despite the extent of the computation, however, there is very little true simulation. Simple computation is a form of theory articulation, whereas true simulation is analogous to an experimental procedure. Successful computation is faithful to an underlying mathematical model, whereas successful simulation directly mimics a process or a system. The computer is seen as a legitimate tool in economics only when traditional analytical solutions cannot be derived, i.e., only as a purely computational aid. We argue that true simulation is seldom practiced because it does not fit the conception of understanding inherent in mainstream economics. According to this conception, understanding is constituted by analytical derivation from a set of fundamental economic axioms. We articulate this conception using the concept of economists' perfect model. Since the deductive links between the assumptions and the consequences are not transparent in ‘bottom‐up’ generative microsimulations, microsimulations cannot correspond to the perfect model and economists do not therefore consider them viable candidates for generating theories that enhance economic understanding.
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DOI | 10.1086/522359 |
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References found in this work BETA
The Advancement of Science: Science Without Legend, Objectivity Without Illusions.Philip Kitcher - 1993 - Oxford, England: Oxford University Press.
Extending Ourselves: Computational Science, Empiricism, and Scientific Method.Paul Humphreys - 2004 - Oxford University Press.
Explanatory Unification and the Causal Structure of the World.Philip Kitcher - 1989 - In Philip Kitcher & Wesley Salmon (eds.), Scientific Explanation. Minneapolis: University of Minnesota Press. pp. 410-505.
The Inexact and Separate Science of Economics.Daniel M. Hausman - 1992 - Cambridge University Press.
The Methodology of Positive Economics.Milton Friedman - 1953 - In Essays in Positive Economics. University of Chicago Press. pp. 3-43.
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Citations of this work BETA
Economic Modelling as Robustness Analysis.Jaakko Kuorikoski, Aki Lehtinen & Caterina Marchionni - 2010 - British Journal for the Philosophy of Science 61 (3):541-567.
Scientific Fictions as Rules of Inference.Mauricio Suárez - 2009 - In Fictions in Science: Philosophical Essays on Modeling and Idealization. Routledge. pp. 158--178.
Simulating Peer Disagreements.Igor Douven - 2010 - Studies in History and Philosophy of Science Part A 41 (2):148-157.
View all 23 citations / Add more citations
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