IDEAS home Printed from https://ideas.repec.org/p/zbw/ifwedp/201759.html
   My bibliography  Save this paper

Addressing the malaise in neoclassical economics: A call for partial models

Author

Listed:
  • Wallace, Ronald L.

Abstract

Economics is currently experiencing a climate of uncertainty regarding the soundness of its theoretical framework and even its status as a science. Much of the criticism is within the discipline, and emphasizes the alleged failure of the neoclassical viewpoint. This article proposes the deployment of partial modeling, utilizing Boolean networks (BNs), as an inductive discovery procedure for the development of economic theory. The method is presented in detail and then linked to the Semantic View of Theories (SVT), closely identified with Bas van Fraassen and Patrick Suppes, in which models are construed as mediators creatively negotiating between theory and reality. It is suggested that this approach may be appropriate for economics and, by implication, for any science in which there is no consensus theory, and a wide range of viewpoints compete for acceptance.

Suggested Citation

  • Wallace, Ronald L., 2017. "Addressing the malaise in neoclassical economics: A call for partial models," Economics Discussion Papers 2017-59, Kiel Institute for the World Economy (IfW).
  • Handle: RePEc:zbw:ifwedp:201759
    as

    Download full text from publisher

    File URL: http://www.economics-ejournal.org/economics/discussionpapers/2017-59
    Download Restriction: no

    File URL: https://www.econstor.eu/bitstream/10419/168436/1/89770343X.pdf
    Download Restriction: no

    More about this item

    Keywords

    Economic models; history of economic theory; complexity economics; computational modeling; Boolean networks; semantic view of theories;

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:ifwedp:201759. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics). General contact details of provider: http://edirc.repec.org/data/iwkiede.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.