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The enduring relevance of the model Platonism critique for economics and public policy

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  • ARNOLD, DARRELL
  • MAIER-RIGAUD, FRANK P.

Abstract

The article briefly introduces Hans Albert and the basic elements of his critique of neoclassical economics as a form of ‘model Platonism’. The two most important elements of his general methodological critique of economics – namely the institutional vacuum inherent in much economic modelling and its unrealistic assumptions about behaviour – are introduced. It is argued that these specific critiques have been taken up with varying degrees of success in areas of economic research such as institutional economics and in behavioural and experimental research programmes. However, the fundamental methodological gist of his critique remains as pertinent to mainstream economics as it was when originally formulated. The influence of ‘model Platonic’ thinking remains pervasive in academia and also in public policy.

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  • Arnold, Darrell & Maier-Rigaud, Frank P., 2012. "The enduring relevance of the model Platonism critique for economics and public policy," Journal of Institutional Economics, Cambridge University Press, vol. 8(03), pages 289-294, September.
  • Handle: RePEc:cup:jinsec:v:8:y:2012:i:03:p:289-294_00
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    Cited by:

    1. Max Albert & Hartmut Kliemt, 2017. "Infinite Idealizations and Approximate Explanations in Economics," MAGKS Papers on Economics 201726, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Timothy C. Johnson, 2013. "Reciprocity as the foundation of Financial Economics," Papers 1310.2798, arXiv.org.
    3. Max Albert, 2013. "From Unrealistic Assumptions to Economic Explanations. Robustness Analysis from a Deductivist Point of View," MAGKS Papers on Economics 201352, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

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