Philosophy of economics
Contemporary methodological inquiry
It examines the assumptions, models, and standards of explanation used in economics.
Historical context
Philosophy of economics studies explanation, evidence, and the role of normative judgments across economic research programmes.
Overview
A model can isolate a mechanism through simplifying assumptions. Its assessment depends on the question it addresses and the evidence for extending it to the case at hand.
Main claims
Models are judged by their explanatory reach and by how their assumptions are justified in each use.
Debates and nuances
Idealisation and empirical justification pose different problems for different models.
This entry provides educational context.