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British Academy Lectures 2013-14$
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Janet Carsten and Simon Frith

Print publication date: 2015

Print ISBN-13: 9780197265864

Published to British Academy Scholarship Online: January 2016

DOI: 10.5871/bacad/9780197265864.001.0001

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What if? Models, fact and fiction in economics

What if? Models, fact and fiction in economics

Chapter:
(p.231) What if? Models, fact and fiction in economics
Source:
British Academy Lectures 2013-14
Author(s):

Mary S. Morgan

Publisher:
British Academy
DOI:10.5871/bacad/9780197265864.003.0009

Economists build models to understand the economy, but to outsiders these often seem to be imagined or fictional worlds, accounts that seem closer to those of science fiction than to matters of science. Such a judgement underrates the importance of fictional elements and the imagination in the way economists make and use their models. Paying attention to the ‘what-if’ questions that economists ask when they use their models reveals how they create the keys that enable them to translate between their imaginary model worlds and the real economic world we all live in.

Keywords:   Economists, economic models, fictional worlds, ‘what-if’ questions

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