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A defence of absurd theories in economics
By Nordberg, Morten and Ole Røgeberg
2005
Journal of Economic Methodology, Vol 12, no 4, pp 543-62
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Abstract |
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. |
| JEL Classification:
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B41, D00 |
| Keywords:
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As-if theory, economic methodology, welfare economics |
| Project:
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4101 Economics of health
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| Financing:
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The Research Council of Norway |
| Contact:
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morten.nordberg@frisch.uio.no |
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