Behind the Model: A Constructive Critique of Economic Modeling

Behind the Model: A Constructive Critique of Economic Modeling looks to reveal how economists use formal models to generate insights into the economy. Peter Spiegler ’92 also shares the ways in which economic models can mislead rather than illuminate and goes beyond the negative critique to propose a concrete program of methodological reform to better equip economists to detect potential mismatches between their models and the targets of their inquiry. Spiegler is an assistant professor of economics at the University of Massachusetts, Amherst.