Insider apology for microeconomic theorising?

Maarten Janssen, Tarja Knuuttila and Mary S. Morgan

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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: interpretation; theories; models; economics; microeconomics (search for similar items in EconPapers)
JEL-codes: D00 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2024-12-31
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Journal of Economic Methodology, 31, December, 2024, 31(4), pp. 220 - 231. ISSN: 1350-178x

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