A defence of absurd theories in economics

Ole Rogeberg and Morten Nordberg

Journal of Economic Methodology, 2005, vol. 12, issue 4, 543-562

Abstract: Theories that involve plainly false and even bizarre assumptions could have an important role in bundling empirical facts and allowing these to be understood, handled and used as modules in the construction of mechanisms by economists with human cognitive limits. Absurd theories would be subcomponents used in a valid explanatory strategy as long as the mechanisms only derive the implications of the facts summarised. This provides a defence and explanation of parts of current practise, but also imposes hard limits on such theorising.

Keywords: as-if theory; economic methodology; welfare economics (search for similar items in EconPapers)
Date: 2005
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Working Paper: Defence of Absurd Theories in Economics (2009)
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DOI: 10.1080/13501780500343631

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