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On the explanatory irrelevance of general equilibrium models

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On the explanatory irrelevance of general equilibrium models The model itself seems to provide no indication of how to find out under which real conditions its nomological content … has explanatory relevance. The assertion that it has such relevance if the corresponding ‘assumptions’ are satisfied is either (1) a purely logical statement — that is, if these assumptions are to be identified with the supreme hypotheses of the system itself; (2) a highly problematic statement — if the explicit if-components (antecedent clauses) of these hypotheses are meant; or (3) a completely useless statement — if it refers to the so-far-unknown conditions under which the idealizations are true. div{float:left;margin-right:10px;} div.wpmrec2x div.u >

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On the explanatory irrelevance of general equilibrium models

On the explanatory irrelevance of  general equilibrium modelsThe model itself seems to provide no indication of how to find out under which real conditions its nomological content … has explanatory relevance. The assertion that it has such relevance if the corresponding ‘assumptions’ are satisfied is either (1) a purely logical statement — that is, if these assumptions are to be identified with the supreme hypotheses of the system itself; (2) a highly problematic statement — if the explicit if-components (antecedent clauses) of these hypotheses are meant; or (3) a completely useless statement — if it refers to the so-far-unknown conditions under which the idealizations are true.

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Lars Pålsson Syll
Professor at Malmö University. Primary research interest - the philosophy, history and methodology of economics.

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