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Optimal policy modelling? An argumentation theory approach to making sense of economic modelling

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  • Patrick Klösel

Abstract

The 'unrealistic-assumptions' puzzle and the 'prediction-failure' puzzle pose problems to the current practice of policy modelling in economics. The standard accounts by Friedman, McCloskey, Sugden and Mäki fail to provide a criterion to expose problematic idealisations. In this paper, I develop the 'models-as-argumentations' view which sensitises the modeller and practitioners to the fact that in order to derive policy recommendations, the adequacy-for-purpose of the model at hand has to be considered more carefully. Regarding economic models as complex argumentations allows for rational policy recommendations but imposes a certain degree of realism on the model's assumptions.

Suggested Citation

  • Patrick Klösel, 2022. "Optimal policy modelling? An argumentation theory approach to making sense of economic modelling," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 13(1), pages 72-91.
    • Handle: RePEc:ids:ijplur:v:13:y:2022:i:1:p:72-91
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