Summary and implications

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Chapter 9 in Theories and Models in Economics, 2024, pp 107-115 from Edward Elgar Publishing

Abstract: Chapter 9 summarizes the main points and presents concluding reflections both on the methodology of economics and on methods in economics. From a methodology perspective, the book shows the importance of having an empirical foundation for arguments about, for example, the role of theory and model in Economics. From the perspective of methods in economics the main lesson is perhaps that if a science studies a chaos-theoretic object, all methods are problematic and there is a need to collect different types of information. There should be diminishing marginal utility of each kind of information in relation to a specific issue. If, for example, a lot of mathematical models have been built, then interviews or case-studies can change the probabilities of empirical statements more. But it can also be the other way around. This means that it isn’t rational to have a general opinion about what is the best method or about “the role of mathematical models”.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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