"Dealing adequately with the political element in formal modelling"
, in Katsikides, Savas and Hanappi, Hardy and Scholz-Wäckerle, Manuel: Theory and Method of Evolutionary Political Economy, Routledge, New York, Seite(n) 236-254, 2017
Dealing adequately with the political element in formal modelling
Sprache des Titels:
Theory and Method of Evolutionary Political Economy
This chapter shows that the idea of positive economics is an inadequate conception of science that has been abandoned in much of the social science until the beginning of the 20st century, but experienced a revival in economics during the last decades. We will study the arguments underlying this development and show the relevance of acknowledging the normative element in economic modeling. We will develop an epistemological framework that illustrates the way subjective, and thus potentially normative, ideals of the researcher enter the formal models and that their mathematical nature does not make them value-free. Using the economic reports on the effect of the Transatlantic Trade and Investment Partnership (TTIP) we clarify that and how the quality, reliability, and societal usefulness of economic theory can be increased if economists understand the inevitability of economic modeling and draw the adequate conclusions.