Marshall's Tendencies: What Can Economists Know?
AbstractThe world of economics is a complicated and messy place. Yet modern economic analysis rests on an attempt to represent the world by means of simple mathematical models. To what extent is this possible? How can such a program cope with the fact that economic outcomes are often driven by factors that are notoriously difficult to quantify? Can such mathematical modeling lead us to theories that work? In these lectures, John Sutton explores what he calls the "standard paradigm" that lies at the heart of economic model building, whose roots go back a century to the work of Alfred Marshall. In probing the strengths and limitations of this paradigm, he looks at some of the remarkable successes, as well as deep disappointments, that have flowed from it.
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Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262692791 and published in 2002.
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standard paradigm; Alfred Marshall; economic model building;
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C0 - Mathematical and Quantitative Methods - - General
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
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