English, Article, Journal or magazine article edition: Defence of Absurd Theories in Economics Nordberg, Morten; Røgeberg, Ole Jørgen

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Bookmark: http://trove.nla.gov.au/version/120421
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Defence of Absurd Theories in Economics
Author
  • Nordberg, Morten
  • Røgeberg, Ole Jørgen
Physical Description
  • preprint
Notes
  • Theories that involve plainly false and even bizarre assumptions are argued to have an important role in bundling empirical facts in a way that allows these to be understood, handled and used as modules in the construction of mechanisms by economists with human cognitive limits. Absurd theories are subcomponents used in a valid explanatory strategy as long as the mechanisms only derive the implications of the facts summarised. This provides a defence and explanation of many economic theories, but also imposes hard limits on such theorising.
  • As-if theory; Economic methodology; welfare economics
  • RePEc:hhs:oslohe:2003_018
Language
  • English
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