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The practice of social studies continues to be a complicated scientific endeavor. From an epistemological point of view, the social sciences, unlike the natural sciences, do not conform to the predominant definition of science. The existing differences among expositions of “science,” “inquiry,” and “studies” lie with the contested role of the intellectual who is embarked on understanding the social realm. The “maturity” of the social sciences is usually discussed in the context of objectivity and rationality. But continuing epistemological debates would (...) |
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In a number of very influential publications, Epstein and Hoover (among other authors) have recently argued that a thoroughly micro-foundationalist approach towards economics is unconvincing for metaphysical reasons. However, as we show in this article, this metaphysical/social ontological approach to the debate fails to resolve the status of micro-foundations in the practice of economic modelling. To overcome this, we argue that endogenizing a model—that is, providing micro-foundations for it—correlates with making that model more complex. Specifically, we show that models with (...) |
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This paper introduces and defends an account of model-based science that I dub model pluralism. I argue that despite a growing awareness in the philosophy of science literature of the multiplicity, diversity, and richness of models and modeling practices, more radical conclusions follow from this recognition than have previously been inferred. Going against the tendency within the literature to generalize from single models, I explicate and defend the following two core theses: any successful analysis of models must target sets of (...) |
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New technologies not only contribute greatly to society and the economy; they also involve fundamental societal shifts, challenging our values and ideas about ourselves and the world. With a view to aligning technological change and innovation with ethical values, the concept of responsible innovation advocates the inclusion of a variety of stakeholders, in particular from society. In shifting moral responsibility towards the producers of innovations, responsible innovation rejects the standard normative economic view that the ethical evaluation of innovations is a (...) |
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ABSTRACTIn Against Democracy, Jason Brennan argues that public ignorance undermines the legitimacy of democracy because, to the extent that ignorant voters make bad policy choices, they harm their own and one another’s interests. The solution, he thinks, is epistocracy, which would leave policy decisions largely in the hands of social-scientific experts or voters who pass tests of political knowledge. However, Brennan fails to explain why we should think that these putative experts are sufficiently knowledgeable to avoid making errors as damaging (...) |
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Mill (1872, 1874) is an early proponent of the thesis that economics has a special domain in which it can operate relatively independently of findings from other sciences. Contra Mill, I argue that this so-called separateness-thesis is best defendedunder an externalist interpretation of Rational Choice Theory (RCT). Mill’s defence is consistent with an internalist interpretation of RCT. Internalism holds that RCT depicts psychological mechanisms operating in economic agents. I argue that such a defence fails to establish separateness, because it makes (...) |
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In this paper, I review the literature on rational choice theory to scrutinize a number of criticisms that philosophers have voiced against its usefulness in economics. The paper has three goals: first, I argue that the debates about RCT have been characterized by disunity and confusion about the object under scrutiny, which calls into question the effectiveness of those criticisms. Second, I argue that RCT is not a single and unified choice theory—let alone an empirical theory of human behavior—as some (...) |
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According to manipulationist accounts of causal explanation, to explain an event is to show how it could be changed by intervening on its cause. The relevant change must be a ‘serious possibility’ claims Woodward 2003, distinct from mere logical or physical possibility—approximating something I call ‘scientific possibility’. This idea creates significant difficulties: background knowledge is necessary for judgments of possibility. Yet the primary vehicles of explanation in manipulationism are ‘invariant’ generalisations, and these are not well adapted to encoding such knowledge, (...) |
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In this paper, I shall defend two main claims. First, Friedman’s famous paper “On the methodology of positive economics” (“F53”) cannot be properly understood without taking into account the influence of three authors who are neither cited nor mentioned in the paper: Max Weber, Frank Knight, and Karl Popper. I shall trace both their substantive influence on F53 and the historical route by which this influence took place. Once one has understood these ingredients, especially Weber’s ideal types, many of F53’s (...) |
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This essay attempts to distinguish the pressing issues for economists and economic methodologists concerning realism in economics from those issues that are of comparatively slight importance. In particular I shall argue that issues concerning the goals of science are of considerable interest in economics, unlike issues concerning the evidence for claims about unobservables, which have comparatively little relevance. In making this argument, this essay raises doubts about the two programs in contemporary economic methodology that raise the banner of realism. In (...) |
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In this paper I argue, first, that ecologists have routinely treated humans—or more specifically, anthropogenic causal factors—as disturbing conditions. I define disturbing conditions as exogenous variables, variables “outside” a model, that when present in a target system, inhibit the applicability or accuracy of the model. This treatment is surprising given that humans play a dominant role in many ecosystems and definitions of ecology contain no fundamental distinction between human and natural. Second, I argue that the treatment of humans as disturbing (...) |
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One striking feature of the contemporary modelling practice is its interdisciplinary nature. The same equation forms, and mathematical and computational methods, are used across different disciplines, as well as within the same discipline. Are there, then, differences between intra- and interdisciplinary transfer, and can the comparison between the two provide more insight on the challenges of interdisciplinary theoretical work? We will study the development and various uses of the Ising model within physics, contrasting them to its applications to socio-economic systems. (...) |
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Philosophers of science have developed several accounts of how consideration of scientific models can prompt learning about real-world targets. In recent years, various authors advocated the thesis that consideration of so-called minimal models can prompt learning about such targets. In this paper, I draw on the philosophical literature on scientific modelling and on widely cited illustrations from economics and biology to argue that this thesis fails to withstand scrutiny. More specifically, I criticize leading proponents of such thesis for failing to (...) |
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The paper reviews the philosophical literature on the epistemology of modelling in contemporary economics. In particular, it focuses on open questions concerning the epistemic role of models, the validity of inferences from the models to the world, and the legitimacy of their use for purposes of explanation, prediction and intervention. |
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This paper discusses the epistemic import of highly abstract and simplified theoretical models using Thomas Schelling’s checkerboard model as an example. We argue that the epistemic contribution of theoretical models can be better understood in the context of a cluster of models relevant to the explanatory task at hand. The central claim of the paper is that theoretical models make better sense in the context of a menu of possible explanations. In order to justify this claim, we introduce a distinction (...) |
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The 1994 US spectrum auction is now a paradigmatic case of the successful use of microeconomic theory for policy-making. We use a detailed analysis of it to review standard accounts in philosophy of science of how idealized models are connected to messy reality. We show that in order to understand what made the design of the spectrum auction successful, a new such account is required, and we present it here. Of especial interest is the light this sheds on the issue (...) |
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In both theoretical and applied modeling in behavioral sciences, it is common to choose a mathematical specification of functional form and distribution of unobservables on grounds of analytic convenience without support from explicit theoretical postulates. This article discusses the issue of deriving particular qualitative hypotheses about functional form restrictions in structural models from intuitive theoretical axioms. In particular, we focus on a family of postulates known as dimensional invariance. Subsequently, we discuss how specific qualitative postulates can be reformulated so as (...) |
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Este documento analiza las siguientes cuestiones: 1) La metodología de la economía y su actual institucionalización. 2) La definición de Economía. 3) Las perspectivas de los economistas acerca de la Economía, sus métodos y justificación. 4) Comprobación y progreso: Popper y Lakatos.5) Los modelos y sus supuestos. 6) Persuasión retórica y verdad. 7) La Economía como un recurso para la Filosofía de la Ciencia. 8) Expansionismo explicativo y relaciones interdisciplinares. |
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My philosophical intuitions are those of a scientific realist. In addition to being realist in its philosophical outlook, my philosophy of economics also aspires to be realistic in the sense of being descriptively adequate, or at least normatively non-utopian, about economics as a scientific discipline. The special challenge my philosophy of economics must meet is to provide a scientific realist account that is realistic of a discipline that deals with a complex subject matter and operates with highly unrealistic models. Unrealisticness (...) |
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Network theory is applied across the sciences to study phenomena as diverse as the spread of SARS, the topology of the cell, the structure of the Internet and job search behaviour. Underlying the study of networks is graph theory. Whether the graph represents a network of neurons, cells, friends or firms, it displays features that exclusively depend on the mathematical properties of the graph itself. However, the way in which graph theory is implemented to the modelling of networks differs significantly (...) |
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This paper examines methodological issues raised by revealed preference theory in economics: particularly contemporary revealed preference theory. The paper has three goals. First, to make the case that revealed preference theory is a broad research program in choice theory—not a single theory—and understanding this diversity is essential to any methodological analysis of the program. Second, to explore some of the existing criticisms of revealed preference theory in a way that emphasizes how the effectiveness of the critique depends on the particular (...) |
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Imagine asking a typical, well informed, contemporary philosopher whether or not she considered biology to be a science. Our informant, being a philosopher, would not necessarily respond with the straightforward “of course” that would be expected from anyone else. She might first reason through a complicated and heavily qualified definition of science, or she might distinguish certain parts of biology that she held to be more clearly scientific than others. If she were partial to a certain sort of critical stance, (...) |
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There are, broadly speaking, two ways to think about rationality, as defined in the following passage: ‘Reason’ for a long time meant the activity of understanding and assimilating the eternal ideas which were to function as goals for men. Today, on the contrary, it is not only the business but the essential work of reason to find means for the goals one adopts at any given time. To use what Horkheimer called objective reason, and what others have called expressive or (...) |
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This paper's purpose is to set forth the conditions of explanation in the domain of formal modelling of social action. Explanation is defined as an adequate account of the underlying factors bringing about a phenomenon. The modelling of a social phenomenon can claim explanatory value in this sense if the following two conditions are fulfilled. (1) The generative mechanisms involved translate the effects of real factors abstracted from their phenomenal context, not those of purely ideal ones. (2) The explanatory hypotheses, (...) |
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In this short discussion note, I discuss whether any of the generalizations made in biology should be construed as laws. Specifically, I examine a strategy offered by Elliot Sober ( 1997 ) and supported by Mehmet Elgin ( 2006 ) to reformulate certain biological generalizations so as to eliminate their contingency, thereby allowing them to count as laws. I argue that this strategy entails a conception of laws that is unacceptable on two counts: (1) Sober and Elgin’s approach allows the (...) |
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Cost-benefit analysis is widely acknowledged to be an appropriate tool for providing advice to policy makers on the optimal use and management of natural resources. However, a great deal of research has indicated that the assumptions made in cost-benefit analysis concerning the natural environment diverge from real world observations. In this paper I discuss these observed divergences. To do so, I introduce the concept of Natura economica. Natura economica is the environment as it is understood in economic analysis in general, (...) |
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In 1981, A. C. Crombie identified six “styles of scientific thinking in the European tradition” that constitute our ways of reasoning in the natural sciences. In this paper, I try to show that these styles constitute reasoning in the social sciences as well, and that, as a result, the differences between reasoning about the physical world and about human beings are not so different as some interpretevists have supposed. |
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This paper consists of four parts. Part 1 is an introduction. Part 2 evaluates arguments for the claim that there are no strict empirical laws in biology. I argue that there are two types of arguments for this claim and they are as follows: (1) Biological properties are multiply realized and they require complex processes. For this reason, it is almost impossible to formulate strict empirical laws in biology. (2) Generalizations in biology hold contingently but laws go beyond describing contingencies, (...) |
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While the existence of human cognitive and behavioral diversity is now widely recognized, it is not yet well established how to explain this diversity. In particular, it is still unclear how to determine whether any given instance of human cognitive and behavioral diversity is due to a common psychology that is merely “triggered” differently in different bio-cultural environments, or whether it is due to deeply and fundamentally different psychologies. This paper suggests that, to answer this question, we need to employ (...) |
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In the eyes of its practitioners, economics is both a deductive science and an empirical science. The starting point of its deductions might be thought of as first principles. But what is the status of such principles? The tension between foundationalism, the idea that there are necessary and secure first principles for economic inquiry, and fallibilism, the idea that no belief can be certified as true beyond the possibility of doubt, is explored. Empirical disciplines require some sort of falsifiability. Yet, (...) |
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This paper presents an account of how to evaluate formal models of science: models and simulations in social epistemology designed to draw normative conclusions about the social structure of scientific research. I argue that such models should be evaluated according to their representational and predictive accuracy. Using these criteria and comparisons with familiar models from science, I argue that most formal models of science are incapable of supporting normative conclusions. |
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A collective volume in memoriam Mihail Radu Solcan. |
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Debates on the practical relevance of ideal theory revolve around Sen's metaphor of navigating a mountainous landscape. In *The Tyranny of the Ideal*, Gerald Gaus presents the most thorough articulation of this metaphor to date. His detailed exploration yields new insight on central issues in existing debates, as well as a fruitful medium for exploring important limitations on our ability to map the space of social possibilities. Yet Gaus's heavy reliance on the navigation metaphor obscures questions about the reasoning by (...) |
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The Inexact and Separate Science of Economics represents the most ambitious attempt to provide a systematic account of economic methodology since the first edition of Blaug's The Methodology of Economics. As such, it has been the subject of extensive critical commentary. For all the attention it has received, however, some important aspects of the book's thesis have not been developed properly. Two important ones are what might be called, following the terminology used in the experimental economics literature, the ‘framing effect’ (...) |
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The ubiquity of the term CSR threatens its carrying any distinctive meaning. Despite its long history no consensus has been developed among the industry participants, academics or other interested parties. After a careful review of the complications and complexities of the CSR debate and distinct disciplinary definitions, the article turns to approach the problem of definition using the philosophy of science. It applies a scientific definitional approach of genus, differentia and species to arrive at a definition of CSR as international (...) |
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Over the last decade, neuroeconomic research has attracted increasing attention by economic modellers and methodologists. In this paper, I examine five issues about neuroeconomic modelling and methodology that have recently been subject to considerable controversy. For each issue, I explicate and appraise prominent neuroeconomists' findings, focusing on those that are claimed to directly inform economic theorizing. Moreover, I assess often-made assertions concerning how neuroeconomic research putatively advances the economic modelling of choice. In doing so, I combine review and critical arguments (...) |
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The value of rational choice theory for the social sciences has long been contested. It is argued here that, in the debate over its role, it is necessary to distinguish between claims that people maximise manifest payoffs, and claims that people maximise their utility. The former version has been falsified. The latter is unfalsifiable, because utility cannot be observed. In principle, utility maximisation can be adapted to fit any form of behaviour, including the behaviour of non-human organisms. Allegedly 'inconsistent' behaviour (...) |
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This paper investigates the interaction between semantic theories for cp-laws (roughly, laws that hold “all things equal”) and metaphysical theories of kinds in the special sciences. Its central conclusion is that cp-laws concerning kinds behave differently from cp-laws concerning non-kinds: “ravens are black” which concerns the kind corvus corax, behaves differently from from “albino ravens are white” which concerns the non-kind grouping of albino ravens. I argue that this difference is in the first instance logical: the two sorts of cp-laws (...) |
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Why are causal generalizations in the higher-level sciences “inexact”? That is, why do they have apparent exceptions? This paper offers one explanation: many causal generalizations cite as their antecedent—the \(F\) in \(Fs\,\, {\textit{are}}\,\, G\) —a property that is not causally relevant to the consequent, but which is rather “entangled” with a causally relevant property. Entanglement is a relation that may exist for many reasons, and that allows of exceptions. Causal generalizations that specify entangled but causally irrelevant antecedents therefore tolerate exceptions. |
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The repercussion of Imre Lakatos’s methodology in economics has passed through quite different periods. His influence can be seen in discussions that affect economics as basic science (“positive economics”) and applied science (“normative economics”). This study examines the main lines of this historical trajectory and makes a critical analysis of the evolution of its repercussions on economic methodology. Starting with the initial period of promising attitude (1972–74), the analysis moves on through the middle period of more influence (1974–89) and then (...) |
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From its early origins to the present, the development of mainstream economic theory has taken a direction which has excluded the analysis of human needs as a basis for social policy. The problems associated with this orientation are increasingly recognized both by economists and non-economists. As Sen points out, it is indeed strange for a discipline concerned with the well-being of people to neglect the question of needs. Currently, some writers such as Doyal and Gough, post-Keynesian economists such as Lavoie, (...) |
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Traditional accounts of explanation fail to illuminate the explanatory relevance of “models that are descriptively false” in the sense that the regularities they entail fail to obtain. In this paper, I propose an account of explanation, which I call ‘explanation by concretization’, that serves to explicate the explanatory relevance of such models. Starting from a highly abstract and idealized model, causal explanations of the absence of regularities are sought by adding complexity to the model or by concretizing it. Whether this (...) |
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This paper defends the thesis of learning from non-causal models: viz. that the study of some model can prompt justified changes in one’s confidence in empirical hypotheses about a real-world target in the absence of any known or predicted similarity between model and target with regards to their causal features. Recognizing that we can learn from non-causal models matters not only to our understanding of past scientific achievements, but also to contemporary debates in the philosophy of science. At one end (...) |
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