By Marcel Boumans
Economics is ruled through version construction, for this reason a comprehension of ways such types paintings is essential to knowing the self-discipline. This e-book presents a severe research of the economist's favorite instrument, and as such should be an enlightening learn for a few, and an interesting one for others.
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Extra info for How Economists Model the World into Numbers (Routledge Inem Advances in Economic Methodology)
The second related view is Nancy Cartwright’s simulacrum account of models in her How the Laws of Physics Lie (1983). Her account deals with the problem of bridging the gap between theory and phenomena in physics. Her aim is to argue against the facticity of fundamental laws, they do not picture the phenomena in an accurate way. For this we need models: ‘To explain a phenomenon is to find a model that fits it into the basic framework of the theory and thus allows us to derive analogues for the messy and complicated phenomenological laws which are true of it’ (Cartwright 1983: 152).
26 A new practice Maxwell’s success with a theory based on dynamical analogies stimulated a variety of reactions among his contemporaries. Some only saw the dynamical analogy as a mechanical model. Maxwell’s method, involving both formal and substantive analogies, was based on William Thomson’s (Lord Kelvin, 1824–1907) analogy between heat flow and electrostatic action. ” ’ (Thomson  1987: 111). Others physicists recognised the value of the concept of formal analogy in trying to understand the essential features of the natural world.
Jourdain  1988: 41) His view on mathematics was that it ‘is based on logic, and on logic alone’, so a model was ‘constructed solely out of logical conceptions’ (p. 41). However, the mathematics and physics community did not adopt his concept of a model. The second mathematician to use the term model to designate non-material aspects was Émile Borel (1871–1956) in an account that was not based on logic. In a paper discussing the relations between the mathematical sciences and the physical sciences, he refers to the term ‘model’ as a ‘form of thought’: There is evidently nothing mysterious in the fact that mathematical theories constructed on the model of certain phenomena should have been capable of being developed and of providing a model for another phenomena; … if new physical phenomena suggest new mathematical models, mathematicians will have to study these new models and their generalisations, with the legitimate hope that the new mathematical theories thus evolved will prove fruitful in their turn in providing the physicists with useful forms of thought.
How Economists Model the World into Numbers (Routledge Inem Advances in Economic Methodology) by Marcel Boumans