Exploring different visions of the model-empirics nexus: Solow versus Lipsey

Does empirical work in economics both provoke and test theoretical models, or does model development proceed according to a theory-oriented research program, with little interaction with empirics? Robert Solow and Richard Lipsey have articulated different visions of this relationship. This paper: (i...

Full description

Saved in:
Bibliographic Details
Published in:The journal of economic methodology 2009-06, Vol.16 (2), p.159-174
Main Authors: Goldfarb, Robert S., Ratner, Jonathan
Format: Article
Language:English
Subjects:
Applied economics
Correlation analysis
Development economics
Economic models
Economic theory
Health care
Housing finance
Housing market
Housing prices
Labor shortages
Lipsey, Richard A
Market analysis
methodology
Nursing
nursing shortages
Real estate
Real estate market
Real estate valuation
Regulation
Rent control
Research methods
Solow, Robert M
Studies
theory-empirics connection
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Does empirical work in economics both provoke and test theoretical models, or does model development proceed according to a theory-oriented research program, with little interaction with empirics? Robert Solow and Richard Lipsey have articulated different visions of this relationship. This paper: (i) describes these competing Solow versus Lipsey views; (ii) presents examples illustrating each view; and (iii) draws inferences about factors promoting a close relation between empirics and modeling. Three examples are examined in detail: the 'nursing shortage' literature; Lind's analysis of recent rent control models; and a wide-ranging evaluation of 'is there too little theory in development economics?' by leading development economists. Various factors promoting or inhibiting a close connection between modeling and empirics are identified.
ISSN:1350-178X
1469-9427
DOI:10.1080/13501780902940745