The Diversity of Models as a Means to Better Explanations in Economics

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Abstract

In Economics Rules, Rodrik [(2015). Economics rules: Why economics works, when it fails, and how to tell the difference. Oxford: Oxford University Press] argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a clearer picture of how models relate to explanations of particular economic facts or events, and suggest that the diversity of models is a means to better economic explanations.

Original languageEnglish
JournalJournal of Economic Methodology
Volume25
Issue number3
Pages (from-to)237-251
Number of pages15
ISSN1350-178X
DOIs
Publication statusPublished - 2018
MoE publication typeA1 Journal article-refereed

Fields of Science

  • 611 Philosophy
  • 511 Economics
  • Theoretical models
  • explanation
  • diversity of models
  • how-possibly reasoning
  • functions of models
  • EARNINGS INEQUALITY
  • WAGE INEQUALITY
  • DIFFERENTIATION
  • COMPETITION
  • ROBUSTNESS

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