The explanation paradox
Journal of Economic Methodology , Volume 19 - Issue 1 p. 43- 62
This paper examines mathematical models in economics and observes that three mutually inconsistent hypotheses concerning models and explanation are widely held: (1) economic models are false; (2) economic models are nevertheless explanatory; and (3) only true accounts explain. Commentators have typically resolved the paradox by rejecting either one of these hypotheses. I will argue that none of the proposed resolutions work and conclude that therefore the paradox is genuine and likely to stay.
|explanation, idealisation, models|
|Journal of Economic Methodology|
|Organisation||Erasmus School of Philosophy|
Reiss, J.P. (2012). The explanation paradox. Journal of Economic Methodology, 19(1), 43–62. doi:10.1080/1350178X.2012.661069