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Abstraction and unrealistic assumptions in economics

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  • Steven Rappaport

Abstract

Economics has been persistently criticized for its heavy reliance on unrealistic assumptions. Some people reply to this criticism by saying that the unrealistic assumptions of economics result from abstraction from unimportant details, and abstraction is necessary for knowledge of a complex real world. So, far from unrealistic assumptions detracting from the epistemic worth of economics, such assumptions are essential for economic knowledge. I call this line of argument 'the Abstractionist Defense'. After clarifying abstraction, unrealistic assumptions and kindred notions, I show that the Abstractionist Defense does not successfully rebut the position of those who criticize economics for its unrealistic assumptions.

Suggested Citation

  • Steven Rappaport, 1996. "Abstraction and unrealistic assumptions in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(2), pages 215-236.
    • Handle: RePEc:taf:jecmet:v:3:y:1996:i:2:p:215-236
    DOI: 10.1080/13501789600000016
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    1. Kincaid,Harold, 1996. "Philosophical Foundations of the Social Sciences," Cambridge Books, Cambridge University Press, number 9780521558914.
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    Cited by:

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    2. Michaelides, Panayotis G. & Belegri-Roboli, Athena & Arapis, Gerasimos, 2009. "Early Nonlinear Modelling in Economic Analysis: The Hicks Model for Greece Revisited," MPRA Paper 67112, University Library of Munich, Germany.
    3. Sergios Tzotzes & Dimitris Milonakis, 2021. "Paradigm Change or Assimilation? The Case of Behavioral Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(1), pages 173-192, March.

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