Building and using economic models: a case study analysis of the IS-LL model
AbstractThis paper critically assesses several model accounts written in the 1990s by epistemologists and philosophers of science by relating them to a specific but crucial example of model building, namely Hicks's (1937) construction of the first version of the IS-LM model, and examining in how far these accounts apply to this case. Thereby the paper contributes to answering why and how economists build models. The view crystallizes that economists build models not only to facilitate the conceptual exploration of theory, but also to inform our understanding of the world. Elements of model building, such as analogies, metaphors, stories, theoretical notions, empirical findings and mathematizations, but also the mode of representation shape the model and largely determine how much can be learned about theory and the real world by using the model as a tool.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.
Volume (Year): 9 (2001)
Issue (Month): 2 ()
Contact details of provider:
Web page: http://www.tandfonline.com/RJEC20
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.