IDEAS home Printed from https://ideas.repec.org/a/nos/voprec/y2012id796.html
   My bibliography  Save this article

The Map Is Not the Territory: An Essay on the State of Economics

Author

Listed:
  • J. Kay

Abstract

The article claims that modern economics is in the state of crisis, because the major macroeconomic theories are in fact based on the concept of rational expectations, and the main method of research is considered to be the model-building with models as "artificial worlds". Therefore it is supposed that the agents expectations are consistent with a theoretical model. Such constructs are often based on aprioristic assumptions and only after the model is built are they confronted with reality. The author defends an alternative view of science which is methodologically more pluralist and sees deductive model-building in need of being supplemented by other methods of inquiry suggesting that economic science abandons claims for universality of its conclusions.

Suggested Citation

  • J. Kay, 2012. "The Map Is Not the Territory: An Essay on the State of Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 5.
    • Handle: RePEc:nos:voprec:y:2012:id:796
    DOI: 10.32609/0042-8736-2012-5-4-13
    as

    Download full text from publisher

    File URL: https://www.vopreco.ru/jour/article/viewFile/796/796
    Download Restriction: no
    File URL: https://libkey.io/10.32609/0042-8736-2012-5-4-13?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nos:voprec:y:2012:id:796. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: NEICON (email available below). General contact details of provider: https://www.vopreco.ru .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.