Behind the Model

A Constructive Critique of Economic Modeling

Häftad, Engelska, 2015

Av Peter Spiegler, Amherst) Spiegler, Peter (University of Massachusetts

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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.

Produktinformation

Utgivningsdatum2015-09-03
Mått174 x 248 x 11 mm
Vikt468 g
FormatHäftad
SpråkEngelska
SerieStrategies for Social Inquiry
Antal sidor230
FörlagCambridge University Press
ISBN9781107677807

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'The 2007–9 global financial crisis and Great Recession demonstrated that the most prestigious economic models were incapable of recognizing, much less preventing, the debacle. How could this be possible? Peter Spiegler's critique of mainstream mathematical modeling methodology delivers a compelling explanation. More important still, Spiegler advances alternative theoretical and empirical methodologies that are capable of reframing economics as a viable scientific endeavor. Behind the Model is a deeply insightful work that should force all open-minded economists to rethink their most basic presuppositions and practices.' Robert Pollin, Distinguished Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts, Amherst