Dilemmas of an economic theorist

Ariel Rubinstein

    Research output: Contribution to journalArticle

    Abstract

    The paper discusses four dilemmas encountered by an economic theorist. The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: should our models be judged according to experimental results? The dilemma of modelless regularities: Should models provide the hypothesis for testing or are they simply exercises in logic that have no use in identifying regularities? The dilemma of relevance: do economists have the right to offer advice or to make statements that are intended to influence the real world?.

    Original languageEnglish (US)
    Pages (from-to)62-80
    Number of pages19
    JournalVoprosy Ekonomiki
    Volume2008
    Issue number11
    DOIs
    StatePublished - Jan 1 2008

    Fingerprint

    regularity
    economics
    economist
    Economics
    evidence
    Regularity
    Economists
    Logic
    Exercise
    Testing

    Keywords

    • Economic education
    • Economic methodology
    • Experimental economics
    • Game theory
    • Hyperbolic discounting
    • Microeconomic theory

    ASJC Scopus subject areas

    • Business and International Management
    • Finance
    • Sociology and Political Science
    • Economics and Econometrics

    Cite this

    Dilemmas of an economic theorist. / Rubinstein, Ariel.

    In: Voprosy Ekonomiki, Vol. 2008, No. 11, 01.01.2008, p. 62-80.

    Research output: Contribution to journalArticle

    Rubinstein, Ariel. / Dilemmas of an economic theorist. In: Voprosy Ekonomiki. 2008 ; Vol. 2008, No. 11. pp. 62-80.
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