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‘Model-Platonism’ in economics: on a classical epistemological critique

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  • KAPELLER, JAKOB

Abstract

Roughly 50 years ago, the eminent German philosopher and social scientist Hans Albert presented a critique of ‘Model-Platonism’ in economics to describe essential elements of the ‘neoclassical style of economic reasoning’. Specifically, Albert advanced a series of epistemological arguments to illustrate conceptual shortcomings in neoclassical theory, which may be utilized to immunize the latter against conflicting empirical evidence. This article summarizes Albert's main arguments and illustrates his most important insights by using simple propositional logic. Based on these findings, a clarification and definition of ‘Model-Platonism’ is offered and the applicability of the Model-Platonism-critique to current developments in mainstream economics is assessed. Finally, two possible extensions of Albert's argument, the concepts of oscillating informational content and axiomatic variation, are illustrated with respect to their potential for immunization against critique.

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  • Kapeller, Jakob, 2013. "‘Model-Platonism’ in economics: on a classical epistemological critique," Journal of Institutional Economics, Cambridge University Press, vol. 9(2), pages 199-221, June.
    • Handle: RePEc:cup:jinsec:v:9:y:2013:i:02:p:199-221_00
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    Cited by:

    1. Wolfram Elsner, 2013. "State and future of the ‘citadel’ and of the heterodoxies in economics: challenges and dangers, convergences and cooperation," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(3), pages 286—298-2, December.
    2. Elsner, Wolfram, 2016. "Why economics textbooks must, and how they can, be changed into a real-world and pluralist economics. The example of a fundamentally new complexity-economics micro-textbook," MPRA Paper 73097, University Library of Munich, Germany.
    3. Peter Schmidt, 2015. "Market vs. system failure as a rationale for EU regional policy? A critique from an evolutionary economic perspective," ERSA conference papers ersa15p842, European Regional Science Association.
    4. Elsner, Wolfram, 2015. "Policy Implications of Economic Complexity and Complexity Economics," MPRA Paper 63252, University Library of Munich, Germany.
    5. Peter Schmidt, 2018. "Market failure vs. system failure as a rationale for economic policy? A critique from an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 28(4), pages 785-803, September.
    6. Gruszka, Katarzyna & Scharbert, Annika Regine & Soder, Michael, 2017. "Leaving the mainstream behind? Uncovering subjective understandings of economics instructors' roles," Ecological Economics, Elsevier, vol. 131(C), pages 485-498.
    7. Ernest Aigner & Florentin Gloetzl & Matthias Aistleitner & Jakob Kapeller, 2018. "The focus of academic economics: before and after the crisis," ICAE Working Papers 75, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    8. Elsner, Wolfram, 2016. "The Dichotomy, Inconsistency, and Peculiar Outmodedness of the „Mainstream“ Textbook. The Example of Institutions," MPRA Paper 70471, University Library of Munich, Germany.

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