List of Figures, Tables, and Boxes ............................ xii
Preface ........................................................ xv
1 Modelling as a Method of Enquiry ............................. 1
PART I: CHANGING THE PRACTICE OF ECONOMIC SCIENCE ............ 1
1 From Laws to Models, From Words to Objects ................ 1
2 The Naturalization of Modelling in Economics .............. 6
3 Practical Reasoning Styles ............................... 14
3.i Modelling as a Style of Reasoning .................. 14
3.ii Modelling as a Reasoning Style in Economics ........ 17
PART II: MAKING MODELS, USING MODELS ........................ 19
4 Making Models to Reason With: Forms, Rules, and
Resources ................................................ 19
4.i Giving Form ........................................ 20
4.ii Becoming Formal .................................... 26
4.iii Reasoning Resources ................................ 27
5 Modelling as a Method of Enquiry: The World in the
Model, Models of the World ............................... 30
6 Conclusion ............................................... 37
2 Model-Making: New Recipes, Ingredients, and Integration ..... 44
1 Ricardo, The "Modern" Economist? ......................... 44
2 Ricardo, His Economy, and the Economy of His Day ......... 47
2.i David Ricardo, Esq ................................. 47
2.ii Economics Matters, Experimental Farming Matters .... 51
3 Constructing Ricardos Numerical Model Farm and
Questions of Distribution ................................ 56
3.i The Numbers in Ricardos Principles and
Experimental Accounts .............................. 58
3.ii The Spade-Husbandry Debate ......................... 69
4 Ricardos Model Farm and Model Farming .................... 73
4.i Three Model Farms in One ........................... 74
4.ii A Model Farm that Worked According to Ricardo's
Economic Ideas ..................................... 75
4.iii A Model of an Individual Farm in the Period ........ 76
4.iv A Model Farm for the Whole Agricultural Sector ..... 78
5 Model-Making: Creating New Recipes ....................... 79
5.i Ingredients ........................................ 79
5.ii Fitting Things Together: Integration and
Reasoning Possibilities ............................ 81
Appendix 1: Numerical Argument in Ricardo's 1815 Essay ...... 83
3 Imagining and Imaging: Creating a New Model World ........... 91
1 Introduction ............................................. 91
2 Acts of Translation or a New Way of World-Making? ........ 93
3 Making the Mathematical Economic World in Models ......... 96
4 The Artists Space versus the Economists Space ............ 98
5 The History of the Edgeworth Box Diagram - as Told by
Itself .................................................. 106
5.i Edgeworth's Imagination and Image ................. 107
5.ii Pareto's Imagination and Images ................... 115
6 The World Newly Made in the Model: Questions of
Representation? ......................................... 118
6.i Visualization ..................................... 118
6.ii Newness ........................................... 126
7 Seeing the World in the Model ........................... 129
8 Conclusion .............................................. 131
4 Character Making: Ideal Types, Idealization, and the Art
of Caricature .............................................. 136
1 Introduction ............................................ 136
2 Characterizing Economic Man: Classical Economists'
Homo Economicus ......................................... 138
3 Concept Forming: Weber's Ideal Types and Menger s
Human Economy ........................................... 141
4 Symbolic Abstraction: Jevons' Calculating Man ........... 145
5 Exaggerating Qualities: Knights Slot-Machine Man ........ 150
6 Making a Cartoon into a Role Model: Rational Economic
Man ..................................................... 153
7 The Art of Caricature and Processes of Idealization ..... 157
8 Model Man's CV: De-Idealization and the Changing
Roles of Economic Man ................................... 164
5 Metaphors and Analogies: Choosing the World of the Model ... 172
1 From Metaphors to Analogical Models ..................... 172
2 The Newlyn-Phillips Machine ............................. 176
3 The Machine's Inventors: Walter Newlyn and Bill
Phillips ................................................ 184
4 Inventing the Newlyn-Phillips Machine ................... 187
Step 1: Phillips chooses the analogy for his supply/
demand model (early 1949) ....................... 189
Step 2: Newlyn designs the blueprint for a monetary
circulation machine (Easter 1949) ............... 194
Step 3: Phillips and Newlyn build the prototype
Machine (Summer 1949) ........................... 200
5 Analogical Models and New Things ........................ 204
6 Questions and Stories: Capturing the Heart of Matters ...... 217
1 Introduction ............................................ 217
2 Stories to Shape Model Resources: Frisch's Macro-
Dynamic Scheme .......................................... 218
3 Questions and Stories Capturing Keynes' General Theory .. 221
3.i Modelling Keynes' General Theory: Meade ........... 222
3.ii Reasoning with Models: The External and Internal
Dynamics .......................................... 225
3.iii Modelling Keynes' General Theory: Samuelson ....... 228
4 Finding New Dimensions and Telling New Stories .......... 232
4.i Modelling Keynes' General Theory: Hicks ........... 232
4.ii Demonstrations, Variety, and Fruitfulness ......... 236
5 Capturing the Heart of the Matter with Narratives ....... 239
5.i Narratives and Identity in the World of the
Model ............................................. 239
5.ii Model Narratives and Making Sense of the
Economic World .................................... 242
5.iii Narrative as a Testing Bed for Models ............. 246
6 Where Next? ............................................. 251
7 Model Experiments? ......................................... 256
1 Introduction ............................................ 256
2 Experiments in the World of the Model ................... 258
2.i Mangoldt and Jenkin ............................... 259
2.ii Marshall .......................................... 267
2.iii Conceptual Work: Defining Generic Categories ...... 270
3 Models in 'Laboratory' Experiments ...................... 272
4 Comparison: Model Experiments and Laboratory
Experiments ............................................. 277
4.i Controls and Demonstration ........................ 277
4.ii Experimental Validity and The Inference Gap ....... 282
5 Hybrids ................................................. 288
5.i Virtually Experiments ............................. 288
5.ii The Status of Hybrids ............................. 292
6 Materials Matter: Surprise versus Confoundment .......... 293
8 Simulation: Bringing a Microscope into Economies ........... 301
1 The Birth of New Technology ............................. 301
2 Simulation: Content and Context ......................... 304
3 Shubik and Simulation ................................... 307
3.i Martin Shubiks History ............................ 307
3.ii Models, Simulated Environments, and Simulated
Behaviour ......................................... 311
4 Guy Orcutt's History and "Microsimulation" .............. 315
5 Bringing a Microscope into Economics .................... 320
5.i Introducing the Analogy ........................... 322
5.ii Matters of Scale and Kind ......................... 323
5.iii Specimens = Models ................................ 325
6 How Do Simulations Work as Microscopes? ................. 327
7 The Observation-Inference Problem ....................... 331
8 Conclusion .............................................. 336
9 Model Situations, Typical Cases, and Exemplary
Narratives ................................................. 344
1 Introduction ............................................ 344
2 War Games ............................................... 345
3 The Exemplary Narrative ................................. 348
3.i The Prisoners Dilemma: Collaborate or Defect? ..... 348
3.ii The Economists' Dilemma: Individual Rationality
or Invisible Hand? ................................ 351
4 The Commentators Dilemma: Fitting Together Situations,
Narratives, and Cases ................................... 357
4.i Reasoning about Situations ........................ 357
4.ii Explanatory Depth: The Roles of Narratives ........ 361
4.iii Explanatory Breadth: Taxonomies, Kinds, and
Cases ............................................. 368
5 Conclusion .............................................. 372
10 From the World in the Model to the Model in the World ...... 378
1 Introduction ............................................ 378
2 Models: The New Working Objects of Economics ............ 380
2.i Model Worlds and Working Objects .................. 380
2.ii Small Worlds, Miniature Worlds, Compressed
Worlds? ........................................... 384
3 The Work of Working Objects ............................. 387
3.i Materials for Describing and Theorizing ........... 387
3.ii "Abstract Typical Representations" and Model
Inductions ........................................ 389
4 Modelling: The New Way of Practising Economics .......... 393
4.i Assumptions in Practices .......................... 394
4.ii Network of Models ................................. 396
4.iii Community Matters ................................. 399
5 Models in the World...................................... 400
5.i Models: New Instruments for Acting in the World ... 400
5.ii Seeing Small Worlds in the Big World .............. 405
Index ......................................................... 413
Colour plate section appears between pages 100 and 101
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