Title
Insider apology for microeconomic theorising?
Author
Mary S. Morgan
Department of Economic History, London School of Economics
Abstract
This comment on 'Economic theories and their Dueling interpretations' questions the descriptive adequacy of the ‘sociology of economics' proposed by Gilboa, Postlewaite, Samuelson, and Schmeidler (GPSS) (2022). We ask whether economists still perceive the role of microeconomic theory as central as do GPSS. In particular, is present-day economics unified by the principles of maximising, subject to constraints and equilibrium analysis? We argue that this is not the case. GPSS’ appeal to the interpretative flexibility of economic theories appears apologetic, especially the suggestion that theories and models, which once were considered positive descriptions or predictive instruments, are now cast as analytical or methodological exercises. We conclude on a more constructive note, drawing from the recent philosophical discussion of modelling which, quite paradoxically, grants highly idealized and simplified models a more important role than GPSS appear to allow.
Keywords
Theoriesmodelseconomicsmicroeconomicsinterpretation
Object type
Language
English [eng]
Persistent identifier
https://phaidra.univie.ac.at/o:2084545
Appeared in
Title
Journal of Economic Methodology
ISSN
1350-178X
Issued
2024
From page
1
To page
12
Publisher
Informa UK Limited
Date issued
2024
Access rights
Rights statement
© 2024 The Author(s)

Download

University of Vienna | Universitätsring 1 | 1010 Vienna | T +43-1-4277-0