What is the Problem with Model-based Explanation in Economics?

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http://hdl.handle.net/10138/299175

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Marchionni , C 2017 , ' What is the Problem with Model-based Explanation in Economics? ' , Disputatio , vol. 9 , no. 47 , pp. 603-630 . https://doi.org/10.1515/disp-2017-0020

Julkaisun nimi: What is the Problem with Model-based Explanation in Economics?
Tekijä: Marchionni, Caterina
Tekijän organisaatio: Practical Philosophy
Department of Political and Economic Studies (2010-2017)
TINT – Centre for Philosophy of Social Science
Päiväys: 2017-12
Kieli: eng
Sivumäärä: 28
Kuuluu julkaisusarjaan: Disputatio
ISSN: 0873-626X
DOI-tunniste: https://doi.org/10.1515/disp-2017-0020
URI: http://hdl.handle.net/10138/299175
Tiivistelmä: The question of whether the idealized models of theoretical economics are explanatory has been the subject of intense philosophical debate. It is sometimes presupposed that either a model provides the actual explanation or it does not provide an explanation at all. Yet, two sets of issues are relevant to the evaluation of model-based explanation: what conditions should a model satisfy in order to count as explanatory and does the model satisfy those conditions. My aim in this paper is to unpack this distinction and show that separating the first set of issues from the second is crucial to an accurate diagnosis of the distinctive challenges that economic models pose. Along the way I sketch a view of model-based explanation in economics that focuses on the role that non-empirical and empirical strategies play in increasing confidence in the adequacy of a given model-based explanation.The question of whether the idealized models of theoretical economics are explanatory has been the subject of intense philosophical debate. It is sometimes presupposed that either a model provides the actual explanation or it does not provide an explanation at all. Yet, two sets of issues are relevant to the evaluation of model-based explanation: what conditions should a model satisfy in order to count as explanatory and does the model satisfy those conditions. My aim in this paper is to unpack this distinction and show that separating the first set of issues from the second is crucial to an accurate diagnosis of the distinctive challenges that economic models pose. Along the way I sketch a view of model-based explanation in economics that focuses on the role that non-empirical and empirical strategies play in increasing confidence in the adequacy of a given model-based explanation.The question of whether the idealized models of theoretical economics are explanatory has been the subject of intense philosophical debate. It is sometimes presupposed that either a model provides the actual explanation or it does not provide an explanation at all. Yet, two sets of issues are relevant to the evaluation of model-based explanation: what conditions should a model satisfy in order to count as explanatory and does the model satisfy those conditions. My aim in this paper is to unpack this distinction and show that separating the first set of issues from the second is crucial to an accurate diagnosis of the distinctive challenges that economic models pose. Along the way I sketch a view of model-based explanation in economics that focuses on the role that non-empirical and empirical strategies play in increasing confidence in the adequacy of a given model-based explanation.
Avainsanat: 611 Philosophy
511 Economics
Vertaisarvioitu: Kyllä
Tekijänoikeustiedot: cc_by_nc_nd
Pääsyrajoitteet: openAccess
Rinnakkaistallennettu versio: publishedVersion


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