A note on fundamental theory and idealizations in economics and physics


Abstract
Modern economics, with its use of advanced mathematical methods, is often looked upon as the physics of the social sciences. It is here argued that deductive analyses are more important in economics than in physics, because the economists more seldom can confirm phenomenological laws directly. The economist has to use assumptions from fundamental theory when trying to bridge the gap between observations and phenomenological laws. Partly as a result of the difficulties of establishing phenomenological laws, analyses of idealized 'model-economies' play a more important, but mainly heuristic role, in economics
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DOI 10.1093/bjps/44.3.493
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References found in this work BETA

How the Laws of Physics Lie.Malcolm R. Forster - 1985 - Philosophy of Science 52 (3):478-480.
Galilean Idealization.Ernan McMullin - 1985 - Studies in History and Philosophy of Science Part A 16 (3):247.
Models in Physics.Michael Redhead - 1980 - British Journal for the Philosophy of Science 31 (2):145-163.
If Economics Isn't Science, What Is It?Alexander Rosenberg - 1983 - Philosophical Forum 14 (3):296.
Reason and the Search for Knowledge.Dudley Shapere - 1985 - Philosophy of Science 52 (2):310-312.

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Idealizations and Concretizations in Laws and Explanations in Physics.Igor Hanzel - 2008 - Journal for General Philosophy of Science / Zeitschrift für Allgemeine Wissenschaftstheorie 39 (2):273-301.

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