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The Map Is Not the Territory: An Essay on the State of Economics

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  • J. KAY.

Abstract

The article claims that modern economics is in the state of crisis, because the major macroeconomic theories are in fact based on the concept of rational expectations, and the main method of research is considered to be the model-building with models as "artificial worlds". Therefore it is supposed that the agents’ expectations are consistent with a theoretical model. Such constructs are often based on aprioristic assumptions and only after the model is built are they confronted with reality. The author defends an alternative view of science which is methodologically more pluralist and sees deductive model-building in need of being supplemented by other methods of inquiry suggesting that economic science abandons claims for universality of its conclusions.

Suggested Citation

  • J. Kay., 2012. "The Map Is Not the Territory: An Essay on the State of Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
  • Handle: RePEc:nos:voprec:2012-05-1
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    1. repec:nea:journl:y:2017i:35:p:53-69 is not listed on IDEAS

    More about this item

    Keywords

    global economic crisis; macroeconomic theory; rational expectations; economic methodology; economic models.;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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