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Behind the Model

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  • Spiegler,Peter

Abstract

This ambitious book looks 'behind the model' to reveal how economists use formal models to generate insights into the economy. Drawing on recent work in the philosophy of science and economic methodology, the book presents a novel framework for understanding the logic of economic modeling. It also reveals the ways in which economic models can mislead rather than illuminate. Importantly, the book goes beyond purely negative critique, proposing a concrete program of methodological reform to better equip economists to detect potential mismatches between their models and the targets of their inquiry. Ranging across economics, philosophy, and social science methods, and drawing on a variety of examples, including the recent financial crisis, Behind the Model will be of interest to anyone who has wondered how economics works - and why it sometimes fails so spectacularly.

Suggested Citation

  • Spiegler,Peter, 2015. "Behind the Model," Cambridge Books, Cambridge University Press, number 9781107069664, January.
    • Handle: RePEc:cup:cbooks:9781107069664
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    Cited by:

    1. Alves, Carolina & Kvangraven, Ingrid Harvold, 2020. "Changing the Narrative: Economics After Covid-19," Review of Agrarian Studies, Foundation for Agrarian Studies, vol. 10(1), July.
    2. Momin M. Malik, 2020. "A Hierarchy of Limitations in Machine Learning," Papers 2002.05193, arXiv.org, revised Feb 2020.
    3. Drechsler, Martin, 2021. "Impacts of human behaviour in agri-environmental policies: How adequate is homo oeconomicus in the design of market-based conservation instruments?," Ecological Economics, Elsevier, vol. 184(C).

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