El Mapa No Es El Territorio: Un Ensayo Sobre El Estado De La Economía (The Map Is Not the Territory: An Essay on the State of Economics)

Revista de Economia Institucional, Vol. 16, No. 30, 2014

12 Pages Posted: 18 Jun 2014

See all articles by John Kay

John Kay

London School of Economics & Political Science (LSE)

Date Written: June 16, 2014

Abstract

English Abstract: Much of modern economics, including in particular the dominant paradigms in macroeconomics and financial economics, proceeds on the basis that there is a “true” model of the world, which can be deduced from a set of axioms based around rational choice. But in reality there is, and can be, no model that describes “the world as it really is.” Models are useful – even indispensable – tools in economics but are necessarily partial, provisional, and context specific. Economics should be pluralist in approach, employing inductive as well as deductive reasoning. The map is not the territory.

Spanish Abstract: Gran parte de la economía moderna, incluidos en particular los paradigmas dominantes en macroeconomía y economía financiera, supone que hay un modelo “verdadero” del mundo, el cual se puede deducir de un conjunto de axiomas basados en la elección racional. Pero en realidad no hay, ni puede haber, un modelo que describa “el mundo tal como es realmente.” Los modelos son herramientas útiles en economía, e incluso indispensables, pero son necesariamente parciales, provisionales y específicos al contexto. El enfoque de la economía debe ser pluralista, es decir, debe usar el razonamiento inductivo y el razonamiento deductivo. El mapa no es el territorio.

Note: Downloadable document is in Spanish.

Keywords: macroeconomics, inductive reasoning, deductive reasoning, rational choice, macroeconomía, razonamiento inductivo, elección racional

JEL Classification: E00, E27

Suggested Citation

Kay, John, El Mapa No Es El Territorio: Un Ensayo Sobre El Estado De La Economía (The Map Is Not the Territory: An Essay on the State of Economics) (June 16, 2014). Revista de Economia Institucional, Vol. 16, No. 30, 2014. Available at SSRN: https://ssrn.com/abstract=2451447

John Kay (Contact Author)

London School of Economics & Political Science (LSE) ( email )

Houghton Street
London, WC2A 2AE
United Kingdom

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