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What characterizes the object that Economics studies?

In: Theories and Models in Economics

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In order to understand what economists do, it is important to know the characteristics of the object that Economics studies. Initially, I formulate the hypothesis that Economics studies a chaos-theoretic object: The economy is a complex system with many interacting parts, where small differences in characteristics can affect how the system will react to various changes. The economy also changes over time. If this hypothesis is true, we should expect specific differences between what Nobel Prize winners in Economics have done in the subject compared with winners in Physics. The data support these implications, for example that theories in Economics were more often described as frameworks and that no Nobel Prize winner in Economics received the prize for finding a stable empirical regularity. Mathematics can be used in Physics to formulate empirical laws, but in economics mathematics is used create model economies and the idea is that studying these models will help us understand how the world works.

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  • ., 2024. "What characterizes the object that Economics studies?," Chapters, in: Theories and Models in Economics, chapter 2, pages 7-23, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23338_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035332953.00005
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    1. Grace Toyin Adigun & Abiola John Asaleye & Olayinka Omolara Adenikinju & Kehinde Damilola Ilesanmi & Sunday Festus Olasupo & Adedoyin Isola Lawal, 2025. "Remittances and FDI: Drivers of Employment in the Economic Community of West African States," JRFM, MDPI, vol. 18(8), pages 1-17, August.
    2. Christelle Meniago, 2025. "Digital Financial Inclusion and Economic Growth: The Moderating Role of Institutions in SADC Countries," IJFS, MDPI, vol. 13(1), pages 1-19, January.
    3. Shahla Akram & Zahid Pervaiz, 2025. "Assessing Inequality of Opportunities for Child Well-being in Pakistan," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 18(2), pages 525-542, April.
    4. Soo Khoon Goh & Yanru Yu & Chung Yan Sam & Tuck Cheong Tang, 2025. "Purchasing power parity (PPP) in developed countries: updated evidence from multivariate ARDL unit root test," Economics Bulletin, AccessEcon, vol. 45(2), pages 1074-1082.
    5. Syed Sadaqat Ali Shah & Muhammad Asim Afridi & Libin Luo & Dilvin Taşkın, 2025. "Fiscal Resilience or Vulnerability? Assessing Public Debt Sustainability in the Developing Countries During 1996–2020," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 8983-9017, June.
    6. Reuben Jerome KISTEN & Simiso MSOMI & Paul-Francois MUZINDUTSI & Ntokozo NZIMANDE & Malibongwe Cyprian NYATI, 2025. "Asymmetry in the Purchasing Power Parity in the Context of South Africa," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 10(1), pages 103-118, February.

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