Open AccessModels, fictions and explanations: A study in historical epistemology of economics
Author(s) -
Mislav Žitko
Publication year - 2013
Publication title -
filozofija i društvo
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.116
H-Index - 1
eISSN - 2334-8577
pISSN - 0353-5738
DOI - 10.2298/fid1304084z
Subject(s) - heterodoxy , orthodoxy , philosophy of science , epistemology , economic methodology , formalism (music) , criticism , heterodox economics , positive economics , mainstream economics , schools of economic thought , economics , sociology , applied economics , neoclassical economics , philosophy , political science , law , art , musical , theology , philosophy education , visual arts
This paper examines the standard criticism of the neoclassical\udeconomic theory that takes mathematical formalism and the practice of modelling\udas the most problematic aspect of orthodox economics. The aim of\udthe paper is to explore the epistemic properties of models in science (particularly\udin economics), and to incorporate the insights from the recent debates\udin the philosophy of science into the framework of historical epistemology\udof economics. The main claim of this paper is that history is important for\udunderstanding how economic models operate and why have they been accepted\udas legitimate instruments of inquiry in economic theory. However, since\udmodelling practice clearly is not limited to neoclassical economic theory, the\uddifference between economic orthodoxy and heterodoxy has to be explained\udin a different way. The paper argues that the theory of fiction can provide an\udimportant clue inasmuch as the epistemological and political commitments\udare a part of the story that underpins the modelling practice in economics