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Insider apology for microeconomic theorising?

Author

Listed:
  • Janssen, Maarten
  • Knuuttila, Tarja
  • Morgan, Mary S.

Abstract

This comment on 'Economic theories and their Dueling interpretations' questions the descriptive adequacy of the ‘sociology of economics' proposed by Gilboa, Postlewaite, Samuelson, and Schmeidler (GPSS) (2022). We ask whether economists still perceive the role of microeconomic theory as central as do GPSS. In particular, is present-day economics unified by the principles of maximising, subject to constraints and equilibrium analysis? We argue that this is not the case. GPSS’ appeal to the interpretative flexibility of economic theories appears apologetic, especially the suggestion that theories and models, which once were considered positive descriptions or predictive instruments, are now cast as analytical or methodological exercises. We conclude on a more constructive note, drawing from the recent philosophical discussion of modelling which, quite paradoxically, grants highly idealized and simplified models a more important role than GPSS appear to allow.

Suggested Citation

  • Janssen, Maarten & Knuuttila, Tarja & Morgan, Mary S., 2024. "Insider apology for microeconomic theorising?," LSE Research Online Documents on Economics 122588, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:122588
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    File URL: http://eprints.lse.ac.uk/122588/
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    References listed on IDEAS

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    1. Friedman, James W, 1971. "A Noncooperative View of Oligopoly," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 12(1), pages 106-122, February.
    2. Petri Ylikoski & N. Emrah Aydinonat, 2014. "Understanding with theoretical models," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(1), pages 19-36, March.
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    Cited by:

    1. François Claveau & Jacob Hamel-Mottiez & Alexandre Truc & Conrad Heilmann, 2024. "The Economics of JEM: Evidence for Estrangement," GREDEG Working Papers 2024-24, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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    More about this item

    Keywords

    interpretation; theories; models; economics; microeconomics;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General

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