Economic Models And Methodology

Hardcover | September 1, 1989

byRandall G. Holcombe

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The world is too complex for anyone to ever hope to understand all of its interrelationships simultaneously. Yet small aspects of the world we live in can be represented by comprehensible models. This is why economists use models in their analysis and research. In Economic Models and Methodology, Holcombe examines the way in which models are used in economics, and makes specific methodological recommendations more restrictive than the methodological doctrine of pluralism. Holcombe's book is not an encyclopedia of methodology, but rather an analysis of mainstream methodology, and an examination of the use of models in economics. Holcombe examines the role of assumptions in models, the use of empirical models in economics, and specific applications of models in both macroeconomics and microeconomics.

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The world is too complex for anyone to ever hope to understand all of its interrelationships simultaneously. Yet small aspects of the world we live in can be represented by comprehensible models. This is why economists use models in their analysis and research. In Economic Models and Methodology, Holcombe examines the way in which mode...

Format:HardcoverDimensions:211 pages, 9.41 × 7.24 × 0.98 inPublished:September 1, 1989Publisher:GREENWOOD PRESS INC.

The following ISBNs are associated with this title:

ISBN - 10:0313266794

ISBN - 13:9780313266799

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?For many economists the extent of their knowledge of methodology is encapsulated in Friedman's distinction between positive and normative economics. Holcombe addresses some fundamental questions about the objectives and the way economics is done. The answers to these questions have important implications concerning empirical testing and verification. Much of this work tends to be interdisciplinary with strong philosophical underpinnings. Because of this, it may be viewed as new terrain by traditionally trained economists. Holcombe solves this problem by writing in a way that economists would find interesting and relevant. Of particular importance are the distinctions between partial and general equilibrium analysis, Coase and Knight's views of the entrepreneur (theory and models), and neoclassical and Austrian approaches. . . . Holcombe's book would be of interest not only to economists but to all social scientists interested in better understanding what economists do. Undergraduates would find it readable, but full understanding requires a general understanding of epistemology.?-Choice