The explanation paradox

Julian Reiss

Journal of Economic Methodology, 2012, vol. 19, issue 1, 43-62

Abstract: This paper examines mathematical models in economics and observes that three mutually inconsistent hypotheses concerning models and explanation are widely held: (1) economic models are false; (2) economic models are nevertheless explanatory; and (3) only true accounts explain. Commentators have typically resolved the paradox by rejecting either one of these hypotheses. I will argue that none of the proposed resolutions work and conclude that therefore the paradox is genuine and likely to stay.

Date: 2012
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DOI: 10.1080/1350178X.2012.661069

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