The aim of this paper is to investigate the current debate on the state of economics from a methodological perspective. We claim that the majority of contributions criticizing modern economics are not based on clear methodological principles and thus many of them are not correct. We show this with respect to such issues as the problem of realisticness of models and their assumptions, the role of mathematics in economics, the way we conceptualize the relation between economics (theory) and economy (empiria), (...) as well as the general problem of comparing theories. In doing so we use the research apparatus taken form the philosophy of science and also we benefit a lot from recent developments in the philosophy of economics. Finally, we show one of the paradoxes of that debate, namely that many critics of economics accuse economists of using the wrong language (mathematics) while they do not use proper language themselves while criticizing economics, namely the apparatus taken from the philosophy of science. (shrink)

As the title of this essay suggests, my concern is with the issue of what are economic models. However, the goal of the paper is not to offer an in-depth study on multiple approaches to modelling in economics, but rather to overcome the dichotomical divide between conceptualizing models as isolations and constructions. This is done by introducing the idea of economic models as believable worlds, precisely descriptions of mechanisms that refer to the essentials of the modelled targets. In doing so (...) I make use of the Woodward’s (2002) conceptualization of mechanisms. It is shown that such models do not offer the perfectly true descriptions of the actual world but justified beliefs about the modelled, precisely they aim at maximizing truth and minimizing falsity in a large body of belief about the real world. The analysis throughout the paper is supported by in-depth examination of the Varian’s (1980) model of sales that is here treated as a representative way of reasoning in neoclassical economics. (shrink)

In this paper, we argue that several recent ‘wide’ perspectives on cognition (embodied, embedded, extended, enactive, and distributed) are only partially relevant to the study of cognition. While these wide accounts override traditional methodological individualism, the study of cognition has already progressed beyond these proposed perspectives towards building integrated explanations of the mechanisms involved, including not only internal submechanisms but also interactions with others, groups, cognitive artifacts, and their environment. The claim is substantiated with reference to recent developments in the (...) study of “mindreading” and debates on emotions. We claim that the current practice in cognitive (neuro)science has undergone, in effect, a silent mechanistic revolution, and has turned from initial binary oppositions and abstract proposals towards the integration of wide perspectives with the rest of the cognitive (neuro)sciences. (shrink)