Models and Reality: How Did Models Divorced from Reality Become Epistemologically Acceptable?
Economic models translate real problems to an artificial world, and calculate outcomes. The match between artificial worlds populated by rational robots, and the real world, is never assessed. Instead, models are judged on aesthetic grounds, involving conformity to preconceived principles of optimiz...
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| Format: | Article |
| Language: | English |
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Econometric Research Association
2020-06-01
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| Series: | International Econometric Review |
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| Online Access: | http://www.ead.org.tr/makaleler/211219.pdf |