Hardback
Models and Reality in Economics
Models and Reality in Economics is an important contribution to the philosophy of economics and the conduct of inquiry in economics. It examines what economists do and what economics is about.
More Information
Critical Acclaim
Contents
More Information
Models and Reality in Economics is an important contribution to the philosophy of economics and the conduct of inquiry in economics. It examines what economists do and what economics is about.
The book opens with a critical discussion of the work of McCloskey and the rhetorical approach to understanding economics. It then goes on to address the question of whether economics is a science. In answering this question the author examines three main concepts: first, whether economics meets a methodological standard, concluding that if the standard is not reached then it is a non-science; secondly, whether economics has a certain kind of content, such as a body of fundamental laws; and finally, whether it includes ideal theories or hypotheses which omit certain real world complications. From this discussion, the author suggests that the rhetorical approach and the question of whether economics is a science should be replaced with the idea that models are the central foundation of economic inquiry. He goes on to discuss the character of economic models and the idea that much economic thinking is concerned with the construction of models to resolve conceptual problems and explain real world economic phenomena. The book sheds new light on existing methodology and proposes new areas for future research.
Models and Reality in Economics will be welcomed by those interested in the developments in economic methodology and philosophy, and those concerned with the progress and prospects of economics in general.
The book opens with a critical discussion of the work of McCloskey and the rhetorical approach to understanding economics. It then goes on to address the question of whether economics is a science. In answering this question the author examines three main concepts: first, whether economics meets a methodological standard, concluding that if the standard is not reached then it is a non-science; secondly, whether economics has a certain kind of content, such as a body of fundamental laws; and finally, whether it includes ideal theories or hypotheses which omit certain real world complications. From this discussion, the author suggests that the rhetorical approach and the question of whether economics is a science should be replaced with the idea that models are the central foundation of economic inquiry. He goes on to discuss the character of economic models and the idea that much economic thinking is concerned with the construction of models to resolve conceptual problems and explain real world economic phenomena. The book sheds new light on existing methodology and proposes new areas for future research.
Models and Reality in Economics will be welcomed by those interested in the developments in economic methodology and philosophy, and those concerned with the progress and prospects of economics in general.
Critical Acclaim
‘Models and Reality in Economics is a welcome addition to the literature on economic methodology. . . . Rappaport takes no philosophical short-cuts and adheres to a much higher standard of philosophical rigor than is characteristic of work on economic methodology. . . . This is a fine book that all those seriously interested in economic methodology should study.’
– Daniel Hausman, The Economic Journal
‘Models and Reality in Economics is without doubt a significant contribution to what is perhaps the key methodological problem in contemporary economics. . . . It is a book that deserves to be read.’
– Roger E. Backhouse, The Manchester School
‘. . . is a welcome addition to the literature on economic methodology. . . . Models and Reality in Economics is a fine book that all those seriously interested in economic methodology should study.’
– Journal of Economic Literature
– Daniel Hausman, The Economic Journal
‘Models and Reality in Economics is without doubt a significant contribution to what is perhaps the key methodological problem in contemporary economics. . . . It is a book that deserves to be read.’
– Roger E. Backhouse, The Manchester School
‘. . . is a welcome addition to the literature on economic methodology. . . . Models and Reality in Economics is a fine book that all those seriously interested in economic methodology should study.’
– Journal of Economic Literature
Contents
Contents: 1. Introduction 2. Economic Methodology 3. Economics and Predictive Empiricism 4. Economics and Scientific Laws 5. Is Economics a Galilean Science? 6. Economic Models (I) 7. Economic Models (II) 8. Explanation in Economics References Index