Rev Austrian Econ (2016) 29:227–231 DOI 10.1007/s11138-015-0303-2 Morgan, Mary S. 2012., The World in the Model: How Economists Work and Think. Cambridge; New York: Cambridge University Press. 2012. xvii + 421 Pages. $44.99 Gene Callahan Published online: 11 March 2015 Springer Science+Business Media New York 2015 Mary Morgan’sbook, The World in the Model, is an excellent survey of the history of how modeling came to be the dominant method of economic science. It demonstrates the value of the history of economic thought for the practice of economics: economists who read it will, I think, have a much better understanding of what modeling is all about. It reinforces for me something I learned from R. G. Collingwood, which is that to fully understand some subject, one must understand its history: you can know all about the state-of-the-art for some field, but until you grasp why it became the state-of- the-art, and what the competing alternatives were, you only know half the story. Morgan’s introduction echoes a theme from two Michaels, Oakeshott and Polanyi, on the importance of apprenticeship and tacit knowledge in science: Model-making is a skilled job. Perhaps it is not yet evident, but will become so in the
The Review of Austrian Economics – Springer Journals
Published: Mar 11, 2015
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