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How Economists Model the World Into Numbers
Economics is dominated by model building, therefore a comprehension of how such models work is vital to understanding the discipline. This book provides a critical analysis of the economist's favourite tool, and as such will be an enlightening read for some, and an intriguing one for others.
224 pages, Kindle Edition
First published January 1, 2004
13 people want to read
About the author
Marcel Boumans
11 books1 followerMarcel Boumans is historian and philosopher of science at Utrecht University. His main research focus is on understanding empirical research practices in economics from a philosophy of science-in-practice perspective. He is particularly interested in the practices of measurement and modeling and the role of mathematics in social science. These topics are covered by his most recent monograph Science outside the Laboratory (2015). His current research project is on vision and visualization, focused on an epistemological understanding of expert judgments.
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Displaying 1 of 1 review
May 25, 2016
I know that even after one day I will have forgotten everything in this book and that is the best indicator of how much I regret picking up a copy.
To be fair the book will appeal to economist and students of economy in particular those interested in macroeconomics looking to broaden their view on the subject of economic models. However I am neither and I found very little that appealed to me. The book was unpleasant to read and I ended up skipping significant parts. I wanted to read an objective and critical or at the very least explanatory book on economic modeling so dominant in modern economic policies and rhetoric but I was given a historical background on how these models came into being and an overview on different methodologies. In itself that is not bad, I was surprised to read that Marxists had an important role in the development of this approach in the early 20th century. But I felt let down, you get bombarded with formulas and terms and if you have no background in economics you will feel bewildered. Perhaps this book did confirm a feeling I have concerning this approach to economics, it is clear example of scienticism, the ideology that science and a select group of experts will decipher the world and determine the right course for society to take. To be fair I was surprised and as a result more mild towards economic models because of it, to discover how the first and second generation of models were such careful attempts at understanding the world and diligently exercises in analyzing a huge scope of aspects (ranging from social relations and ecology to production and investments) to include in model building. It was of no surprise to read that Milton Friedman wanted less encompassing, more universal models on a segmented economy, more aimed at predicting than analyzing society as a whole.
I was looking for a critical analysis of economic models to examine the extend of their usage and the actual results and failures achieved by them, and I did not get this at all. I got a book I skipped for the most part and I will remember a few lines but nothing more. Not worth the time unless you are an economist mayor.
To be fair the book will appeal to economist and students of economy in particular those interested in macroeconomics looking to broaden their view on the subject of economic models. However I am neither and I found very little that appealed to me. The book was unpleasant to read and I ended up skipping significant parts. I wanted to read an objective and critical or at the very least explanatory book on economic modeling so dominant in modern economic policies and rhetoric but I was given a historical background on how these models came into being and an overview on different methodologies. In itself that is not bad, I was surprised to read that Marxists had an important role in the development of this approach in the early 20th century. But I felt let down, you get bombarded with formulas and terms and if you have no background in economics you will feel bewildered. Perhaps this book did confirm a feeling I have concerning this approach to economics, it is clear example of scienticism, the ideology that science and a select group of experts will decipher the world and determine the right course for society to take. To be fair I was surprised and as a result more mild towards economic models because of it, to discover how the first and second generation of models were such careful attempts at understanding the world and diligently exercises in analyzing a huge scope of aspects (ranging from social relations and ecology to production and investments) to include in model building. It was of no surprise to read that Milton Friedman wanted less encompassing, more universal models on a segmented economy, more aimed at predicting than analyzing society as a whole.
I was looking for a critical analysis of economic models to examine the extend of their usage and the actual results and failures achieved by them, and I did not get this at all. I got a book I skipped for the most part and I will remember a few lines but nothing more. Not worth the time unless you are an economist mayor.
Displaying 1 of 1 review