Philosophy of Economic Modeling

The philosophy of economic modeling examines the assumptions, methods, and implications of models used in economics. It questions how well these models represent real-world economies, the truth behind their simplifying assumptions, and their effectiveness in predicting outcomes. This field considers the ethical implications of economic theories and policies derived from models, as well as the role of mathematics and abstraction in shaping economic thought. Ultimately, it seeks to understand how economic models influence our understanding of human behavior, markets, and social welfare.