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Logical Gaps: Path A—Theory to the Real World

In: Rethinking Economics

Author

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  • Stuart Birks

    (Massey University)

Abstract

Many claims are widely accepted because they have been demonstrated to be valid according to some theory. However, while theories are, hopefully, internally consistent, they can be considered no more than analogies for the real world. This chapter explores this dimension, including discussion of rhetoric used in support of preferred theories. Perfect competition and TverskyTversky, A. and Kahneman’s ‘systematic reversals of preference’ are used to illustrate these points, including the limitation of consistency as justification for acceptance of a theory. The importance of groups to create and establish dominant conventions is also covered.

Suggested Citation

  • Stuart Birks, 2015. "Logical Gaps: Path A—Theory to the Real World," SpringerBriefs in Economics, in: Rethinking Economics, edition 127, chapter 0, pages 13-28, Springer.
    • Handle: RePEc:spr:spbchp:978-981-287-176-3_2
    DOI: 10.1007/978-981-287-176-3_2
    as

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