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Is There Anything Economics Cannot Do? The Need for a Background Account

In: Approximating Prudence

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  • Andrew M. Yuengert

Abstract

This quotation, taken from an excellent review of economic models of knowledge and learning, expresses an opinion that should be familiar to most economists. It would not be out of place in a review of any literature in economic theory. Samuelson acknowledges the distance between the exact assumptions of his mathematical model and the more complex reality that lies beyond his assumptions, and assures us that the exact but incomplete assumptions of economic models capture something important about human nature.1 Furthermore, he expresses the confident hope that these simplifications often “will not lead us astray.”

Suggested Citation

  • Andrew M. Yuengert, 2012. "Is There Anything Economics Cannot Do? The Need for a Background Account," Perspectives from Social Economics, in: Approximating Prudence, chapter 0, pages 11-32, Palgrave Macmillan.
    • Handle: RePEc:pal:pfschp:978-1-137-06317-5_2
    DOI: 10.1057/9781137063175_2
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