Economics at your fingertips  

Is There Anything Economics Cannot Do? The Need for a Background Account

Andrew M. Yuengert

Chapter Chapter 2 in Approximating Prudence, 2012, pp 11-32 from Palgrave Macmillan

Abstract: Abstract This quotation, taken from an excellent review of economic models of knowledge and learning, expresses an opinion that should be familiar to most economists. It would not be out of place in a review of any literature in economic theory. Samuelson acknowledges the distance between the exact assumptions of his mathematical model and the more complex reality that lies beyond his assumptions, and assures us that the exact but incomplete assumptions of economic models capture something important about human nature.1 Furthermore, he expresses the confident hope that these simplifications often “will not lead us astray.”

Keywords: Optimization Model; Rational Choice; Consumer Choice; Actual Choice; Practical Wisdom (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations: Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This item can be ordered from

DOI: 10.1057/9781137063175_2

Access Statistics for this chapter

More chapters in Perspectives from Social Economics from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2022-12-01
Handle: RePEc:pal:pfschp:978-1-137-06317-5_2