Abstract
Econophysics is a new and exciting cross-disciplinary research field that applies models and modelling techniques from statistical physics to economic systems. It is not, however, without its critics: prominent figures in more mainstream economic theory have criticised some elements of the methodology of econophysics. One of the main lines of criticism concerns the nature of the modelling assumptions and idealisations involved, and a particular target are `kinetic exchange' approaches used to model the emergence of inequality within the distribution of individual monetary income. This paper will consider such models in detail, and assess the warrant of the criticisms drawing upon the philosophical literature on modelling and idealisation. Our aim is to provide the first steps towards informed mediation of this important and interesting interdisciplinary debate, and our hope is to offer guidance with regard to both the practice of modelling inequality, and the inequality of modelling practice.
| Original language | English |
|---|---|
| Article number | axw028 |
| Pages (from-to) | 691-718 |
| Number of pages | 28 |
| Journal | British Journal for the Philosophy of Science |
| Volume | 69 |
| Issue number | 3 |
| Early online date | 27 Feb 2017 |
| DOIs | |
| Publication status | Published - Sept 2018 |
Research Groups and Themes
- Centre for Science and Philosophy
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This is the author accepted manuscript (AAM). The final published version (version of record) is available online via Oxford Academic at https://academic.oup.com/bjps/article/3056505/Modelling-Inequality?searchresult=1#62019843 . Please refer to any applicable terms of use of the publisher.
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Dr Karim Thebault
- Department of Philosophy - Associate Professor in Philosophy of Science
Person: Academic