Models and theories

Economic theories are systems of beliefs about the world. Models formalize parts or aspects of theories but leave much of their content out. An example of a component of theories not contained in models are the instructions for how to proceed when a model fails (in Lakatos' terms the 'posi...

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Published inThe journal of economic methodology Vol. 4; no. 2; pp. 193 - 198
Main Author Leijonhufvud, Axel
Format Journal Article
LanguageEnglish
Published Routledge 01.12.1997
Taylor and Francis Journals
SeriesJournal of Economic Methodology
Subjects
Economic methodology
Economic models
Economic theory
Economics
formalism
Formalization
Metaphor
metaphors
theory
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Summary:Economic theories are systems of beliefs about the world. Models formalize parts or aspects of theories but leave much of their content out. An example of a component of theories not contained in models are the instructions for how to proceed when a model fails (in Lakatos' terms the 'positive heuristic'). Mathematization gives precision of statement but not of empirical reference. The emphasis on explicit models as the main vehicle for journal communication among economists is questioned. The tendency for top talent to cluster in a few universities is much stronger in economics than in most other fields. The reason is the need to talk and listen and not just write and read.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ISSN:1350-178X
1469-9427
DOI:10.1080/13501789700000014