A defence of absurd theories in economics
Theories that involve plainly false and even bizarre assumptions could have an important role in bundling empirical facts and allowing these to be understood, handled and used as modules in the construction of mechanisms by economists with human cognitive limits. Absurd theories would be subcomponents used in a valid explanatory strategy as long as the mechanisms only derive the implications of the facts summarised. This provides a defence and explanation of parts of current practise, but also imposes hard limits on such theorising.
If 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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 12 (2005)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/RJEC20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/RJEC20|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hirsch, Abraham & de Marchi, Neil, 1984. "Methodology: A Comment on Frazer and Boland, I [An Essay on the Foundations of Friedman's Methodology]," American Economic Review, American Economic Association, vol. 74(4), pages 782-88, September.
- Simon, Herbert A., 1978.
"Rational Decision-Making in Business Organizations,"
Nobel Prize in Economics documents
1978-1, Nobel Prize Committee.
- Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
- Machina, Mark J, 1999. "A Challenge to the "Econoclasts": A Commentary on "Rationality for Economists?"," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 107-08, December.
- Roger Backhouse, 1995.
Journal of Economic Methodology,
Taylor & Francis Journals, vol. 2(2), pages 293-304.
- Roger Backhouse, 1995. "Book Reviews," Journal of Economic Methodology, Taylor & Francis Journals, vol. 2(1), pages 135-144.
- Roger Backhouse, 1997. "Book Reviews," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(2), pages 315-320.
- Roger Backhouse, 1998. "Book Reviews," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(2), pages 380-385.
- Friedman, Milton, 1992. "Do Old Fallacies Ever Die?," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2129-32, December.
- Daniel McFadden, 1998.
"Rationality for Economists?,"
98-09-086, Santa Fe Institute.
- Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
- Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
- Stanley, T D, 1985. "Positive Economics and Its Instrumental Defence," Economica, London School of Economics and Political Science, vol. 52(27), pages 305-19, August.
- Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-63, June.
- Hausman, Daniel M, 1989. "Economic Methodology in a Nutshell," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 115-27, Spring.
- Boland, Lawrence A, 1981. "On the Futility of Criticizing the Neoclassical Maximization Hypothesis," American Economic Review, American Economic Association, vol. 71(5), pages 1031-36, December.
- Dawes, Robyn M., 1999. "A message from psychologists to economists: mere predictability doesn't matter like it should (without a good story appended to it)," Journal of Economic Behavior & Organization, Elsevier, vol. 39(1), pages 29-40, May.
When requesting a correction, please mention this item's handle: RePEc:taf:jecmet:v:12:y:2005:i:4:p:543-562. See general 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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.