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Models and theories

Author

Listed:
  • Axel Leijonhufvud

Abstract

Economic theories are systems of beliefs about the world. Models formalize parts or aspects of theories but leave much of their content out. An example of a component of theories not contained in models are the instructions for how to proceed when a model fails (in Lakatos' terms the 'positive heuristic'). Mathematization gives precision of statement but not of empirical reference. The emphasis on explicit models as the main vehicle for journal communication among economists is questioned. The tendency for top talent to cluster in a few universities is much stronger in economics than in most other fields. The reason is the need to talk and listen and not just write and read.

Suggested Citation

  • Axel Leijonhufvud, 1997. "Models and theories," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(2), pages 193-198.
    • Handle: RePEc:taf:jecmet:v:4:y:1997:i:2:p:193-198
    DOI: 10.1080/13501789700000014
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    Citations

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    Cited by:

    1. Michel De Vroey, 2012. "Microfoundations: A Decisive Dividing Line between Keynesian and New Classical Macroeconomics?," Chapters, in: Microfoundations Reconsidered, chapter 5, Edward Elgar Publishing.
    2. de Moura, Fernanda Senra & Barbrook-Johnson, Peter, 2022. "Using data-driven systems mapping to contextualise complexity economics insights," INET Oxford Working Papers 2022-27, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    3. Alejandro Diaz-Bautista, 2005. "La metodología de la investigación en la Economía Aplicada; The Research Methodology in Applied Economics," Method and Hist of Econ Thought 0509008, University Library of Munich, Germany.
    4. Daniel B. Klein & Pedro Romero, 2007. "Model Building versus Theorizing: The Paucity of Theory in the _Journal of Economic Theory_," Econ Journal Watch, Econ Journal Watch, vol. 4(2), pages 241-271, May.
    5. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
    6. Jackson Mejia & Brian C. Albrecht, 2022. "On price stability with a job guarantee," Contemporary Economic Policy, Western Economic Association International, vol. 40(4), pages 568-584, October.
    7. Robert S. Goldfarb & Jon Ratner, 2008. ""Theory" and "Models": Terminology Through the Looking Glass," Econ Journal Watch, Econ Journal Watch, vol. 5(1), pages 91-108, January.

    More about this item

    Keywords

    Model; theory; formalism; metaphors;
    All these keywords.

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