The review of theories of mainstream economics on the example of economic models

Grazyna Wolska (grazyna.wolska@wzieu.pl)
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Grazyna Wolska: University of Szczecin, Poland

No 53/2014, Working Papers from Institute of Economic Research

Abstract: Regardless of the fact that economics distinguishes itself from other social sciences by a high level of formal deductive modelling, it is a social science due to the essence of the economic process where a human is subject and object at the same time. In the recent years this issue has been more frequently emphasized by economists in ongoing discussions. In the discussions a good deal of time is devoted to economic models and, mainly, their relations with the socioeconomic reality and coherence of empirical evidence. The article presents a thesis that some mainstream economic theories have not always constituted the background to their practical applications, which led - and still can - to the dogmatic and inflexible use of model solutions for economic phenomena which are difficult to forecast in a non-variant rigid model. The aim is to critically analyse beliefs about usefulness of universal economic models in the economic reality advocated by mainstream economists and to prove that not all economic models have constituted the background to their practical applications.

Keywords: economic model; economics; economic theories; economy (search for similar items in EconPapers)
JEL-codes: E10 (search for similar items in EconPapers)
Date: 2014-12, Revised 2014-12
New Economics Papers: this item is included in nep-hme, nep-hpe, nep-mac and nep-pke
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