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Models in Economics Are Not (Always) Nomological Machines

Author

Listed:
  • Cyril Hédoin

    (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne)

Abstract

This paper evaluates Nancy Cartwright's critique of economic models. Cartwright argues that economics fails to build relevant "nomological machines" able to isolate capacities. In this paper, I contend that many economic models are not used as nomological machines. I give some evidence for this claim and build on an inferential and pragmatic approach to economic modeling. Modeling in economics responds to peculiar inferential norms where a "good" model is essentially a model that enhances our knowledge about possible worlds. As a consequence, models and experiments are very different knowledge-producing devices, at least in economics.

Suggested Citation

  • Cyril Hédoin, 2013. "Models in Economics Are Not (Always) Nomological Machines," Post-Print hal-02866220, HAL.
    • Handle: RePEc:hal:journl:hal-02866220
    DOI: 10.1177/0048393112458715
    as

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