Models in Economics Are Not (Always) Nomological Machines

Cyril Hédoin

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Abstract: This paper evaluates Nancy Cartwright's critique of economic models. Cartwright argues that economics fails to build relevant "nomological machines" able to isolate capacities. In this paper, I contend that many economic models are not used as nomological machines. I give some evidence for this claim and build on an inferential and pragmatic approach to economic modeling. Modeling in economics responds to peculiar inferential norms where a "good" model is essentially a model that enhances our knowledge about possible worlds. As a consequence, models and experiments are very different knowledge-producing devices, at least in economics.

Keywords: Nancy Cartwright; economic models; nomological machines; inferential norms; experiments (search for similar items in EconPapers)
Date: 2013-05-05
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Published in Philosophy of the Social Sciences, 2013, 44 (4), pp.424-459. ⟨10.1177/0048393112458715⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02866220

DOI: 10.1177/0048393112458715

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