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Abstract


Moels and Explanations in Economy
This article examines the nature and status of explanations provided by economics. In predicting and providing explanations, economists basically make use of models. Although models can be thought of as physical representations such as the Phillips Machine, more often than not they are taken to be graphics, diagrams, and mathematical equations. Frequently economists use mathematical models. Apart from their heuristic, cognitive, and pragmatical roles, models loom large in providing explanations in many of the scientific practices. Accordingly, in this article, by taking into consideration the views currently on offer regarding the economic models, my purpose is to show that when focusing the economist’s practice, it could be seen that economic models at least sometimes can provide us with actual explanations and these explanations differ from those found in other disciplines, not in kind but degree.

Keywords
Scientific explanations, economic models, economic explanations, how-possibly explanations, how-act


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