Models and Reality in Economics

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This work makes a significant contribution to the philosophy of economics and the inquiry process within the field. It begins with a critical examination of McCloskey's rhetorical approach to understanding economics and explores whether economics qualifies as a science. The author evaluates three key concepts: first, whether economics meets a methodological standard, concluding that failure to do so categorizes it as a non-science; second, whether it possesses a body of fundamental laws; and third, whether it includes ideal theories that omit real-world complexities. The discussion leads to the assertion that the focus should shift from the rhetorical approach and the science question to the central role of models in economic inquiry. The author elaborates on the nature of economic models, emphasizing that much of economic thought revolves around constructing models to address conceptual issues and explain real-world phenomena. This work offers fresh insights into existing methodologies and suggests new avenues for future research. It will appeal to those interested in advancements in economic methodology and philosophy, as well as the overall progress and future of the discipline.