Multiple Routes to Progress in Model-Based Economics
Marchionni, Caterina
This article examines whether characteristic modeling practices in economics lead to progress, that is, improved explanations and predictions. We question the widespread assumption that progress in modeling occurs solely through successive vertical refinements toward a single “best” model. Instead, we propose that progress can occur through multiple pathways. Specifically, we identify five distinct horizontal paths to progress: increased isolation of causal factors, differentiation of targets an