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Models and Economists: A Methodological Note

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  • Thomas, Alex M

Abstract

Ever since the discipline of economics began, its practitioners have tried to infer laws, tendencies, causal relationships and associations about the real world. These claims are made through the construction of models – mathematical, statistical, verbal or a mix of all three. This note examines the methodological issues faced by models in the context of the Indian economy. It concludes by pointing that out that economists need to be more cautious while using models to intervene in the Indian economy.

Suggested Citation

  • Thomas, Alex M, 2010. "Models and Economists: A Methodological Note," MPRA Paper 26837, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:26837
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    References listed on IDEAS

    as
    1. Uskali Maki, 2005. "Models are experiments, experiments are models," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(2), pages 303-315.
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    More about this item

    Keywords

    Indian economy; Models; Economic methodology;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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