TY - JOUR
T1 - Economic theories and their Dueling interpretations
AU - Gilboa, Itzhak
AU - Postlewaite, Andrew
AU - Samuelson, Larry
AU - Schmeidler, David
N1 - Publisher Copyright:
© 2022 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2022
Y1 - 2022
N2 - The interpretation of economic theories varies along several dimensions. First, models can describe reality, illustrate a recommended state of affairs, or analyze the structure and implications of a theory. 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.
AB - The interpretation of economic theories varies along several dimensions. First, models can describe reality, illustrate a recommended state of affairs, or analyze the structure and implications of a theory. 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.
KW - analogies
KW - criticism
KW - economic methodology
KW - Economic theory
KW - explanation
KW - models
UR - http://www.scopus.com/inward/record.url?scp=85142204696&partnerID=8YFLogxK
U2 - 10.1080/1350178X.2022.2142270
DO - 10.1080/1350178X.2022.2142270
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AN - SCOPUS:85142204696
SN - 1350-178X
JO - Journal of Economic Methodology
JF - Journal of Economic Methodology
ER -