The Diversity of Models As a Means to Better Explanations in Economics

Journal of Economic Methodology, 25 (3), pp. 237-251, 2018, DOI: 10.1080/1350178X.2018.1488478

18 Pages Posted: 21 Oct 2017 Last revised: 8 Aug 2018

See all articles by N. Emrah Aydinonat

N. Emrah Aydinonat

University of Helsinki - Department of Political and Economic Studies

Date Written: February 21, 2018

Abstract

In Economics Rules, Dani Rodrik (2015) argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a clearer picture of how models relate to explanations of particular economic facts or events, and suggest that diversity of models is a means to better economic explanations.

Keywords: theoretical models, explanation, diversity of models, how-possibly reasoning, functions of models

JEL Classification: B40, B41

Suggested Citation

Aydinonat, N. Emrah, The Diversity of Models As a Means to Better Explanations in Economics (February 21, 2018). Journal of Economic Methodology, 25 (3), pp. 237-251, 2018, DOI: 10.1080/1350178X.2018.1488478. Available at SSRN: https://ssrn.com/abstract=3056188 or http://dx.doi.org/10.2139/ssrn.3056188

N. Emrah Aydinonat (Contact Author)

University of Helsinki - Department of Political and Economic Studies ( email )

P.O. Box 54
FIN-00014 Helsinki
Finland

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