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The explanation paradox

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  • Julian Reiss

Abstract

This paper examines mathematical models in economics and observes that three mutually inconsistent hypotheses concerning models and explanation are widely held: (1) economic models are false; (2) economic models are nevertheless explanatory; and (3) only true accounts explain. Commentators have typically resolved the paradox by rejecting either one of these hypotheses. I will argue that none of the proposed resolutions work and conclude that therefore the paradox is genuine and likely to stay.

Suggested Citation

  • Julian Reiss, 2012. "The explanation paradox," Journal of Economic Methodology, Taylor & Francis Journals, vol. 19(1), pages 43-62, March.
    • Handle: RePEc:taf:jecmet:v:19:y:2012:i:1:p:43-62
    DOI: 10.1080/1350178X.2012.661069
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    Cited by:

    1. Nicolas Brisset, 2018. "Models as speech acts: the telling case of financial models," Journal of Economic Methodology, Taylor & Francis Journals, vol. 25(1), pages 21-41, January.
    2. Michael Joffe, 2017. "Causal theories, models and evidence in economics—some reflections from the natural sciences," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1280983-128, January.
    3. Donald W. Katzner, 2016. "The Stages of Model Building in Economics," Studies in Microeconomics, , vol. 4(2), pages 79-99, December.
    4. Momin M. Malik, 2020. "A Hierarchy of Limitations in Machine Learning," Papers 2002.05193, arXiv.org, revised Feb 2020.
    5. Asad Zaman & Taseer Salahuddin, 2020. "Models and Reality: How Did Models Divorced from Reality Become Epistemologically Acceptable?," International Econometric Review (IER), Econometric Research Association, vol. 12(1), pages 50-74, April.

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