How to Escape from Model Platonism in Economics: Critical Assumptions, Robust Conclusions, and Approximate Explanations

Abstract About sixty years ago, Hans Albert criticized economists for their “model platonism”, a methodological attitude that immunizes theoretical models against empirical criticism. Since then, economics has taken an turn; yet, model platonism lingers on. The root of the problem is economists’ reluctance to distinguish explicitly between law-like and situational assumptions models. Without this distinction, it impossible give satisfactory account interplay theory investigations. Based on Albert’s critical rationalism, paper explains how making distinction allows escape from platonism. By identifying robust conclusions, can, sometimes do, find approximate explanations even though they cannot completely avoid unrealistic simplifications.