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On theory in Economics

In: Theories and Models in Economics

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Abstract

In Chapter 6 there is an attempt to take a more holistic view of the use of the words theory and theoretical in Economics. After looking at how theory is defined in some advanced dictionaries, I investigate how theory is used in AER-articles. It is for example found that the word theory/theoretical is used rather sparsely. One issue studied is the relation between theory (theoretical models) and empirical studies, and it is found that this relation is rather weak. It is also pointed out that a number of distinctions have to be made and the most important is between a theory as a general framework without any specific empirical hypotheses, and a theory that simply is a hypothesis about what can explain a specific observation. The meaning and use of theoretical frameworks is also discussed.

Suggested Citation

  • ., 2024. "On theory in Economics," Chapters, in: Theories and Models in Economics, chapter 6, pages 67-76, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23338_6
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035332953.00009
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    Keywords

    Economics and Finance;

    Statistics

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