This innovative book uses in-depth empirical studies of scientific articles and takes inspiration from Nobel laureates to explore how theories and models are used in economics. Hans Lind ultimately illustrates that economics studies a chaos-theoretic system where a theory is a framework that helps formulate hypotheses rather than a set of statements about how an economy works.
Based on these empirical studies Lind analyses different kinds of path-breaking contributions in economics and why these developments do not fit Kuhn“s theory of progress in science. Through the close analysis of scientific articles, chapters also discuss why analysis of a simple model can help us understand how the real economy works and how a new idea becomes accepted through everyday observations, the building of models and empirical studies. He argues that it is crucial to use a range of methods, including case studies and mathematical models, to help identify causes and patterns in a science that studies a chaos-theoretic system.
Written in an accessible style, Theories and Models in Economics will prove a vital resource for scholars looking for a greater understanding of both the methodology and the development of economics. It will appeal to practitioners and social scientists more broadly who are interested in learning more about how economists conduct their research and how this differs from other disciplines.
Recenzijas
Hans Linds Theories and Models in Economics is a compelling contribution to the philosophy and methodology of economics, blending empirical precision with theoretical reflection. By systematically analysing decades of Nobel Prize motivations and 200 full-length articles from the American Economic Review, Lind provides a robust empirical foundation for his critique of the field. His methodological rigour enhances the credibility of his arguments, offering an accessible yet thorough examination of how economics operates as a discipline. The books balanced critique is another notable strength: while Lind challenges the over-reliance on abstract mathematical modelling, he also recognises its importance in ensuring logical consistency and advancing the theoretical framework of economics. This perspective allows the book to remain constructive, offering insights for economists seeking to strike a pragmatic balance between theoretical elegance and empirical relevance. The practical relevance of the book extends beyond academic debates, providing valuable implications for how economics is taught and practised. Linds call for a reorientation toward empirical studies and interdisciplinary approaches resonates with the disciplines current challenges. His reflections on the evolving methodological landscapemarked by the rise of experimental and behavioural economicsare timely, encouraging economists to adapt their tools and frameworks to reflect the complexities of practice better. -- Miguel M. Torres, Journal of Economic Methodology
Contents:
1 Introduction and background to the empirical approach to
methodology
2 What characterizes the object that Economics studies?
3 What economists do: (1) path-breaking contributions
4 What economists do: (2) contributions in normal science
5 How economics develops over time: Kuhn versus Laudan
6 On theory in economics
7 On models in economics
8 How to make an idea credible: a case study of Krugmans
New Trade Theory
9 Summary and implications
Appendix: Information about the empirical studies
References
Hans Lind, Professor of Real Estate Economics, formerly at the Department of Real Estate and Construction Management, KTH Royal institute of Technology, Stockholm, Sweden
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