Behind the Model: A Constructive Critique of Economic Modeling (Strategies for Social Inquiry)

A Constructive Critique of Economic Modeling (Strategies for Social Inquiry)

Cover Art for 9781107677807, Behind the Model: A Constructive Critique of Economic Modeling (Strategies for Social Inquiry) by Peter Spiegler
ISBN: 9781107677807
Publisher: Cambridge University Press
Published: 31 August, 2015
Format: Paperback
Language: English
Editions:
1 other edition of this product

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.

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