Modeling the Possible to Modeling the Actual

In this chapter, we consider how practicing economists go about the task of constructing explanations about the actual world by using models. After considering some notable positions in the literature in philosophy of science, we draw attention to features of the process by which the Federal Reserve produces the Tealbook forecasts for the Federal Open Market Committee meetings. We then suggest looking to narrative explanation as a possible way of thinking about the construction of how-actually explanations from models.

Duke Scholars

Author Jennifer S. Jhun Philosophy