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Theory versus Application: Does Complexity Crowd Out Evidence?

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  • Philip R. P. Coelho
  • James E. McClure

Abstract

Donald F. Gordon hypothesized that mathematical complexity in economics is inversely related to operational ism. Here we (i) operationalize Gordon's hypothesis, (ii) test for the significance of trends in complexity for the American Economic Review, Economic Journal, Journal of Political Economy, and Quarterly Journal of Economics, and (iii) test Gordon's hypothesis hy conducting analyses of the contents of articles from the American Economic Review (AER), as well as the contents of articles citing the AER articles. The results do not refute the hypothesis that complexity crowds out operationalism in economics. Additionally, the presence of significant, positive trends toward complexity suggests that the magnitude of the crowding out is on the rise in these journals.

Suggested Citation

  • Philip R. P. Coelho & James E. McClure, 2005. "Theory versus Application: Does Complexity Crowd Out Evidence?," Southern Economic Journal, John Wiley & Sons, vol. 71(3), pages 556-565, January.
    • Handle: RePEc:wly:soecon:v:71:y:2005:i:3:p:556-565
    DOI: 10.1002/j.2325-8012.2005.tb00658.x
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    References listed on IDEAS

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    1. David N. Laband & Robert D. Tollison, 2000. "Intellectual Collaboration," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 632-661, June.
    2. George J. Stigler, 1969. "Does Economics Have a Useful Past?," History of Political Economy, Duke University Press, vol. 1(2), pages 217-230, Fall.
    3. Donald F. Gordon, 1955. "Operational Propositions in Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 63(2), pages 150-150.
    4. Sen, Amartya, 1995. "Rationality and Social Choice," American Economic Review, American Economic Association, vol. 85(1), pages 1-24, March.
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    Cited by:

    1. Daniel Sutter & Rex Pjesky, 2007. "Where Would Adam Smith Publish Today? The Near Absence of Math-free Research in Top Journals," Econ Journal Watch, Econ Journal Watch, vol. 4(2), pages 230-240, May.
    2. Philip R. P. Coelho & Daniel B. Klein & James E. McClure, 2005. "Rejoinder to Pesendorfer," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 32-41, April.
    3. Philip R. P. Coelho & Frederick De Worken-Eley III & James E. McClure, 2005. "Decline in Critical Commentary, 1963–2004," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 355-361, August.
    4. Philip R. P. Coelho & James E. McClure, 2007. "The Market for Lemmas," Working Papers 200702, Ball State University, Department of Economics, revised Apr 2007.
    5. Philip R. P. Coelho & James E. McClure, 2008. "The Market for Lemmas: Evidence That Complex Models Rarely Operate in Our World," Econ Journal Watch, Econ Journal Watch, vol. 5(1), pages 78-90, January.
    6. 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.
    7. Lee C. Spector & Courtenay C. Stone, 2010. "Suspicious Estimates of Ex Ante Real Interest Rates: Evidence of Macroeconomic Malpractice?," Working Papers 201010, Ball State University, Department of Economics, revised Oct 2010.

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