Abstract
Gilboa, Postlewaite, Samuelson and Schmeidler (2022, Economic theories and their dueling interpretations. Journal of Economic Methodology, 1–20. https://doi.org/10.1080/1350178X.2022.2142270; henceforth GPSS) give a ‘sociological’ account of various ways in which economists claim to find value in ‘analytical’ models–i.e. models that investigate formal relationships between concepts without deriving substantive empirical or normative conclusions. In this paper, I argue that some of the claims that GPSS report economists as making are defensible, but that others are used in support of modelling strategies that have little or no scientific value.
Original language | English |
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Pages (from-to) | 209-219 |
Number of pages | 11 |
Journal | Journal of Economic Methodology |
Volume | 31 |
Issue number | 4 |
Early online date | 13 Nov 2023 |
DOIs | |
Publication status | Published - Dec 2024 |
Keywords
- Economic methodology
- Analytical models
- economics
- economic methodology
- Models
- modelling