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Dilemmas of an Economic Theorist

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  • AR. RUBINSTEIN.

Abstract

The paper discusses four dilemmas encountered by an economic theorist. The dilemma of absurd conclusions: should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: should our models be judged according to experimental results? The dilemma of modelless regularities: should models provide the hypothesis for testing or are they simply exercises in logic that have no use in identifying regularities? The dilemma of relevance: do economists have the right to offer advice or to make statements that are intended to influence the real world?

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Bibliographic Info

Article provided by N.P. Redaktsiya zhurnala "Voprosy Economiki" in its journal Voprosy Economiki.

Volume (Year): 11 (2008)
Issue (Month): ()
Pages:

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Handle: RePEc:nos:voprec:2008-11-5

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Web page: http://www.vopreco.ru/eng/year.html

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