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Switch to: References
Citations of:
On the (idealizational) structure of economic theories
Erkenntnis 30 (1-2):225 - 246 (1989)
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The aim of this book is to explain economic dualism in the history of modern Europe. The emergence of the manorial-serf economy in the Bohemia, Poland, and Hungary in the 16th and the 17th centuries was the result of a cumulative impact of various circumstantial factors. The weakness of cities in Central Europe disturbed the social balance – so characteristic for Western-European societies – between burghers and the nobility. The political dominance of the nobility hampered the development of cities and (...) |
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The description of how individual models in families of models are related to each other is crucial for the general philosophical understanding of model-based scientific practice. We focus on the Capital Asset Pricing Models (CAPM) family, a cornerstone in financial economics, to provide a descriptive analysis of model relations within a family. We introduce the concepts of theoretical and empirical complementarity to characterise model relations. Our complementarity analysis of model relations has two types of payoff. Specifically regarding the CAPM, our (...) |
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In this topical section, we highlight the next step of research on modeling aiming to contribute to the emerging literature that radically refrains from approaching modeling as a scientific endeavor. Modeling surpasses “doing science” because it is frequently incorporated into decision-making processes in politics and management, i.e., areas which are not solely epistemically oriented. We do not refer to the production of models in academia for abstract or imaginary applications in practical fields, but instead highlight the real entwinement of science (...) |
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Is there a unique way to de-idealize models? If not, how might the possible ways of reducing the distortion between models and reality differ from each other? Based on an empirical case study conducted in financial markets, this paper discusses how a popular valuation model (the Discounted Cash Flow model) idealizes reality and how the market participants de-idealize it in concrete market situations. In contrast to Cartwright's view that economic models are generally over-constrained, this paper suggests that valuation models are (...) |
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Stipulating universal propositions with a ceteris paribus clause is normal practice in science and especially in economics. Yet there are several problems associated with the use of ceteris paribus clauses in theorising and in policy matters. This paper first investigates three questions: how can ceteris paribus clauses be non-vacuous? How can ceteris paribus laws be true? And how can they help in formulating successful policy interventions in a diversity of contexts? It turns out that ceteris paribus clauses are not always (...) |
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The aim of the paper is to propose an understanding of idealization in terms of Nowak’s unitarian metaphysics. Two natural interpretations of the procedure are critically discussed and rejected as inadequate. The first account of idealization is unable to explain why idealized factors cease to exert influence on the investigated magnitude. The second account of idealization solves this problem but does so at the cost of blurring the distinction between idealization and abstruction. Moreover, it faces the consequence that the process (...) |
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The continuity thesis of the Poznań school threshold model of the growth of scientific knowledge is considered in the light of the example of Van der Waals' and Boyle-Mariotte's laws. It is argued - using both traditional logical means and the structuralist reconstruction of the example - that the continuity thesis does not hold. A distinction between 'a historical and a systematic point of view' is introduced and it is argued that the continuity thesis of the threshold model presupposes the (...) |
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Many models in economics are very unrealistic. At the same time, economists put a lot of effort into making their models more realistic. I argue that in many cases, including the Modigliani-Miller irrelevance theorem investigated in this paper, the purpose of this process of concretization is explanatory. When evaluated in combination with their assumptions, a highly unrealistic model may well be true. The purpose of relaxing an unrealistic assumption, then, need not be to move from a false model to a (...) |
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The concept of Galilean Idealization is based on a pragmatically grounded relation between universes of so-called real and idealized entities. The concept was developed in the course of a critical discussion of different explications of the concept of idealization (e.g. by W. F. Barr, C. G. Hempel and L. Nowak), these being attempts to specify sufficient syntactic and semantic criterions for idealization. But this line of argument shall not be followed here. Instead, first the concept of Pragmatic Idealization, and as (...) |
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This paper deals with the connection between the Boyle-Mariotte-law and the Van der Waals-law from the perspective of the Structuralist Theory Conception as well as the Pragmatic Idealization Concept. It was inspired by an interesting paper by Martti Kuokkanen and Timo Tuomivaara, recently published in this journal.1 One result of the Kuokkanen-Tuomivaara-paper is that the Boyle-Mariotte-law is not an idealized law and therefore not an idealized special case of the Van der Waals-law, but that its models can be expanded to (...) |
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Traditional accounts of explanation fail to illuminate the explanatory relevance of “models that are descriptively false” in the sense that the regularities they entail fail to obtain. In this paper, I propose an account of explanation, which I call ‘explanation by concretization’, that serves to explicate the explanatory relevance of such models. Starting from a highly abstract and idealized model, causal explanations of the absence of regularities are sought by adding complexity to the model or by concretizing it. Whether this (...) |
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