Economic Theories and Their Dueling Interpretations
Itzhak Gilboa,
Andrew Postlewaite,
Larry Samuelsonl () and
David Schmeidler
Additional contact information
Larry Samuelsonl: Yale University
PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania
Abstract:
The interpretation of economic theories varies along several dimensions. First, theories can describe reality, illustrate a recommended state of affairs, or analyze the logical consistency of a possible world. Second, theories can be used for prediction or for explanation. Third, theories can relate to reality in a rule-based or case-based manner. Fourth, theories can be statements about economic reality or about the act of economic reasoning itself. Fifth, theories can offer predictions or merely critique reasoning. We argue that theories are often open to multiple interpretations which can shift depending on the context in which the theory is applied, the surrounding economic literature, and the argument made by the interpreter.
JEL-codes: B4 D0 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2022-03-19
References: Add references at CitEc
Citations: View citations in EconPapers (1)
Downloads: (external link)
https://economics.sas.upenn.edu/sites/default/files/filevault/22-0013.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found
Related works:
Journal Article: Economic theories and their Dueling interpretations (2024) 
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: https://EconPapers.repec.org/RePEc:pen:papers:22-013
Access Statistics for this paper
More papers in PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania 133 South 36th Street, Philadelphia, PA 19104. Contact information at EDIRC.
Bibliographic data for series maintained by Administrator ().