Academic Philosophy Events in the Netherlands

All events in academic philosophy

Submit your own event

Loading Events

« All Events

  • This event has passed.

Lecture: Models and Explanation in Economics

24 May 2018 @ 08:00 - 17:00

Description

Read More
Consider the following seemingly simple questions. Can an economic model that employs obviously “false” assumptions explain anything? Can it help us understand the real world? If most people behave irrationally by the standards of Homo Economicus, can economic models help us understand how people behave? If markets are never perfect, can we trust the invisible hand? Could it be possible, as Paul Krugman once said, that economists “mistook beauty, clad in impressive-looking mathematics, for truth” (NY Times, 2.9.2009)? Based on…
Consider the following seemingly simple questions. Can an economic model that employs obviously “false” assumptions explain anything? Can it help us understand the real world? If most people behave irrationally by the standards of Homo Economicus, can economic models help us understand how people behave? If markets are never perfect, can we trust the invisible hand? Could it be possible, as Paul Krugman once said, that economists “mistook beauty, clad in impressive-looking mathematics, for truth” (NY Times, 2.9.2009)? Based on these and similar questions, students of economics sometimes express their doubts concerning the value of economic models. Heterodox economists and other social scientists also criticize economics for similar reasons. Critics commonly argue that because economic models employ unrealistic (“false”) assumptions, they do not have explanatory value. The present lecture provides a systematic summary of this type of criticism, the available arguments against it, and the pitfalls that should be avoided in evaluating economic models. The lecture aims to convey a better understanding of the explanatory power and limits of economic models.

Details

Date:
24 May 2018
Time:
08:00 - 17:00
Event Category:
Website:
https://www.universiteitleiden.nl/en/events/2018/05/models-and-explanation-in-economic

Consider the following seemingly simple questions. Can an economic model that employs obviously “false” assumptions explain anything? Can it help us understand the real world? If most people behave irrationally by the standards of Homo Economicus, can economic models help us understand how people behave? If markets are never perfect, can we trust the invisible hand? Could it be possible, as Paul Krugman once said, that economists “mistook beauty, clad in impressive-looking mathematics, for truth” (NY Times, 2.9.2009)? Based on these and similar questions, students of economics sometimes express their doubts concerning the value of economic models. Heterodox economists and other social scientists also criticize economics for similar reasons. Critics commonly argue that because economic models employ unrealistic (“false”) assumptions, they do not have explanatory value. The present lecture provides a systematic summary of this type of criticism, the available arguments against it, and the pitfalls that should be avoided in evaluating economic models. The lecture aims to convey a better understanding of the explanatory power and limits of economic models.

Submit your own event

About the OZSW event calendar

The OZSW event calendar lists academic philosophy events organized by/at Dutch universities, and is offered by the OZSW as a service to the research community. Please check the event in question – through their website or organizer – to find out if you could participate and whether registration is required. Obviously we carry no responsibility for non-OZSW events.