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Economic Theories and Their Dueling Interpretations

Author

Listed:
  • Itzhak Gilboa

    (HEC, Paris and Tel-Aviv University)

  • Andrew Postlewaite

    (University of Pennsylvania)

  • Larry Samuelson

    (Yale University)

  • David Schmeidler

Abstract

The interpretation of economic theories varies along several dimensions. First, theories can describe reality, illustrate a recommended state of affairs, or analyze the logical consistency of a possible world. Second, theories can be used for prediction or for explanation. Third, theories can relate to reality in a rule-based or case-based manner. Fourth, theories can be statements about economic reality or about the act of economic reasoning itself. Fifth, theories can offer predictions or merely critique reasoning. We argue that theories are often open to multiple interpretations which can shift depending on the context in which the theory is applied, the surrounding economic literature, and the argument made by the interpreter.

Suggested Citation

  • Itzhak Gilboa & Andrew Postlewaite & Larry Samuelson & David Schmeidler, 2022. "Economic Theories and Their Dueling Interpretations," PIER Working Paper Archive 22-013, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    • Handle: RePEc:pen:papers:22-013
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    File URL: https://economics.sas.upenn.edu/sites/default/files/filevault/22-0013.pdf
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    More about this item

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D0 - Microeconomics - - General

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