Review by Nicola Giocoli

Review by Nicola Giocoli

Here is a short review of The Invisible Hand in Economics by Nicola Giocoli:

“Conjectural models aim at devising the initial conditions required for individual actions to generate a given social phenomenon as unintended consequence. Social scientists make frequent use of this modeling technique. Indeed the list of those who have applied it – from Smith to Menger, from Schelling to Lewis – reads likely a veritable “who’s who” of the last 250 years of social sciences. Yet the question of how these purely speculative models may actually enjoy any explanatory power with respect to real world phenomena has only rarely been tackled. Aydinonat’s outstanding work fills this gap by thoroughly investigating the philosophical and methodological challenges posed by conjectural models and by developing a coherent and persuasive framework to account for the role of abstract theorizing in the social sciences. The book is a candidate to become compulsory reading for methodologists and philosophers of science, as well as for those economists who take seriously the issue of their models’ epistemological foundations.”

Nicola Giocoli (Professor of Economics, University of Pisa)

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