models

Mary S. Morgan
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Philosophical analysis of the historical development of modelling, as well as the programmatic statements of the founders of modelling, support three different functions for modelling: for fitting theories to the world; for theorizing; and as instruments of investigation. Rather than versions of data or of theories, models can be understood as complex objects constructed out of many resources that defy simple description. These accounts also suggest a kinship between the ways models work in economics and various kinds of experiment, found most obviously in simulation but equally salient in older traditions of mathematical and statistical modelling.
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How to cite this article

Morgan, Mary S. "models." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 25 October 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_M000391> doi:10.1057/9780230226203.1112

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