Agents, interaction, and economic laws: An analytical framework for understanding different economic theories

Félix-Fernando Muñoz (), María-Isabel Encinar () and Carolina Cañibano ()
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María-Isabel Encinar: Departamento de Análisis Económico (Teoría e Historia Económica). Universidad Autónoma de Madrid.
Carolina Cañibano: INGENIO, CSIC and Universidad Politécnica de Valencia.

No 2016/05, Working Papers in Economic Theory from Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History)

Abstract: This paper provides an analytical framework allowing the accommodation, comparison and classification of different economic theories and schools of economic thought. We provide the basic analytical elements to address the explanatory potential of economic models as well as a criterion for scientific progress. The starting point is that in “modern economic theory”, each particular theory –and all models derived- share a common structure. This common structure is formed by a set of statements S1 which characterize the agent (its properties and modes of interaction) and its action (including choice) space; a set of statements S2 regarding the economic behavior of the characterized agent, and a set of economic laws L which are logical co-implications of the systematic application of S2 over S1. This set or system of statements T={S1,S2,L} forms a theory. It is possible to address the explanation of new economic phenomena or processes by developing new economic models or theories T. This exercise is made possible by adding properties, qualifications or new information to the statement systems S1 and S2 that lead to new laws L. The approach proposed is useful for classifying different economic theories as illustrated by an analysis and characterization of the Neoclassical, Austrian and Keynesian theoretical frameworks.

Keywords: economic theory; allocative processes; action plans; economic behavior; economic laws (search for similar items in EconPapers)
JEL-codes: B0 B4 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2016-11
New Economics Papers: this item is included in nep-hme and nep-hpe
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