Models and Economists: A Methodological Note

Thomas, Alex M (2010): Models and Economists: A Methodological Note.

Abstract

Ever since the discipline of economics began, its practitioners have tried to infer laws, tendencies, causal relationships and associations about the real world. These claims are made through the construction of models – mathematical, statistical, verbal or a mix of all three. This note examines the methodological issues faced by models in the context of the Indian economy. It concludes by pointing that out that economists need to be more cautious while using models to intervene in the Indian economy.

• Item Type: MPRA Paper
• Language: English
• Keywords: Indian economy, Models, Economic methodology
• Subjects: C - Mathematical and Quantitative Methods > C5 - Econometric Modeling; C - Mathematical and Quantitative Methods > C0 - General > C01 - Econometrics; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology

References

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Maki, Uskali (2005), 'Models are Experiments, Experiments are Models', Journal of Economic Methodology, Vol 12, No 2, pp 303-315.

Planning Commission (2009), Macro-Modelling for the Eleventh Five Year Plan of India, edited by Kirit S Parikh, New Delhi: Academic Foundation.

Sugden, Robert (2000), 'Credible Worlds: The Status of Theoretical Models in Economics', Journal of Economic Methodology, Vol 7, No 1, pp 1-31.