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Idealization And The Aims Of Economics: Three Cheers For Instrumentalism

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  • Reiss, Julian

Abstract

This paper aims (a) to provide characterizations of realism and instrumentalism that are philosophically interesting and applicable to economics; and (b) to defend instrumentalism against realism as a methodological stance in economics. Starting point is the observation that ‘all models are false’, which, or so I argue, is difficult to square with the realist's aim of truth, even if the latter is understood as ‘partial’ or ‘approximate’. The three cheers in favour of instrumentalism are: (1) Once we have usefulness, truth is redundant. (2) There is something disturbing about causal structure. (3) It's better to do what one can than to chase rainbows.

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  • Reiss, Julian, 2012. "Idealization And The Aims Of Economics: Three Cheers For Instrumentalism," Economics and Philosophy, Cambridge University Press, vol. 28(3), pages 363-383, November.
    • Handle: RePEc:cup:ecnphi:v:28:y:2012:i:03:p:363-383_00
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    Cited by:

    1. D Wade Hands, 2013. "GP08 is the New F53: Gul and Pesendorfer’s Methodological Essay from the Viewpoint of Blaug’s Popperian Methodology," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 17, pages 245-266, Edward Elgar Publishing.
    2. Paul Pfleiderer, 2014. "Camaleones: el mal uso de modelos teóricos en finanzas y economía," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 16(31), pages 23-30, July-Dece.
    3. Marcel Boumans & Matthias Klaes (ed.), 2013. "Mark Blaug: Rebel with Many Causes," Books, Edward Elgar Publishing, number 15224.

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