Work

Multiple Routes to Progress in Model-Based Economics

Year: 2025

Type: article

Abstract: This article examines whether characteristic modeling practices in economics lead to progress, that is, improved explanations and predictions. We question the widespread assumption that progress in modeling occurs solely through successive vertical refinements toward a single “best” model. Instead, we propose that progress can occur through multiple pathways. Specifically, we identify five distinct horizontal paths to progress: increased isolation of causal factors, differentiation of targets and purposes, derivation of robust theorems, multiplication of inconsistent perspectival models, and exploration of novel possibilities. We argue that these pathways, when properly constrained, increase explanatory and predictive power and therefore lead to scientific progress.

Source: Philosophy of Science

DOI: 10.1017/psa.2025.10095

Authors: Till Grüne-Yanoff, Caterina Marchionni

Institutions: KTH Royal Institute of Technology, University of Helsinki, University of Milan

Language: English

Topic: Philosophy and History of Science

Subfield: History and Philosophy of Science

Field: Arts and Humanities

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $3,550

Funders: University of Cambridge, University of Oxford, Stanford Bio-X