Models, stories and the economic world

Journal of Economic Methodology 8 (3):361-384 (2001)
Stories form an integral part of models. An economic model can not be fully characterized simply by knowing its structure: the model can only be completely described when we know how it works and what it can do. This activity of manipulating a model requires a narrative device, such as a question, which sets off a story told with the model. The structure or system portrayed in the model constrains and shapes the stories that can be told, but without stories showing how the structure works, we cannot tell what might happen in specific cases. Without these narrative elements, we cannot apply model-structures directly onto the facts of the economic world, nor demonstrate outcomes about the hypothetical world represented in the model. Thus, stories are not simply devices of persuasion, but constitute an important part of the identity of a model.
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DOI 10.1080/13501780110078972
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References found in this work BETA
How the Laws of Physics Lie.Nancy Cartwright - 1983 - Oxford University Press.
Models and Representation.R. I. G. Hughes - 1997 - Philosophy of Science 64 (4):336.
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Citations of this work BETA
Models and Fiction.Roman Frigg - 2009 - Synthese 172 (2):251-268.
Credible Worlds: The Status of Theoretical Models in Economics.Robert Sugden - 2000 - Journal of Economic Methodology 7 (1):1-31.
Experiments Versus Models: New Phenomena, Inference and Surprise.Mary S. Morgan - 2005 - Journal of Economic Methodology 12 (2):317-329.

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