Questions tagged [economic-methodology]

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6
votes
3answers
196 views

Is the mainstream against agent based modelling?

I have heard it said that mainstream economists disapprove of agent based modelling and some of the most prestigious economics journals will not accept papers that employ them. Is this true? And if so,...
1
vote
0answers
10 views

Sensitivity Analysis

i have a rather methodological question. I have a theoretical model and to test it I run some simulations. Because some parametervalues are not entirely clear or are up for debate I want to do a ...
2
votes
2answers
172 views

Is economics Turing Complete?

I am interested in economics from the perspective of mathematical physics and complexity theory. An important set of systems in complex systems are systems that are Turing Complete and are cases of ...
2
votes
2answers
79 views

Is Soros' theory of reflexivity aligned with normative vs positive economy dichotomy?

Soros' theory of reflexivity is well known and I'll briefly summarize it below based on his Fallibility, reflexivity, and the human uncertainty principle(2013) article. He proposes distinguishing ...
5
votes
4answers
385 views

Economic schools of thought VS Econometrics

From Wikipedia: In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work Why is it that ...
10
votes
6answers
4k views

Which are the different Schools of Economic Thought?

It would be great to have a brief but comprehensive list of current (e.g. Austrian) and defunct (e.g Mercantilism) schools of thought in Economics. I think an ideal answer would include: the defining ...
5
votes
1answer
277 views

Stock-Flow Consistent models

Stock-Flow Consistent (SFC) models are becoming more popular among heterodox economists (particularly in the Post-Keynesian school of thought). But I fail to see the relevance of this approach. The ...
6
votes
1answer
390 views

Omitted variables in gravity model

I'm trying to construct a gravity model for EU trade flows using a panel dataset, but am suffering from what appears to be a persistent omitted variable problem. My residuals display a queer log-like, ...
2
votes
1answer
56 views

Methodology of Economics: interpretation and explanation

I am interested in understanding the interaction between interpretation and explanation in social sciences in general and in economics particularly. It is argued that interpretation is pervasive in ...
5
votes
3answers
1k views

The Sonnenschein-Mantel-Debreu results, what are the implications for macroeconomics?

I have always wondered why such a negative result such as Sonnenschein–Mantel–Debreu theorem (SMD) theorem is usually ignored or disregarded by practitioners, specially in macro. The result roughly ...
6
votes
3answers
317 views

What's unique about the Chicago School's Methodology?

What is the methodology of the Chicago School and what makes it unique among economic schools of thought?