Economic models are deliberately simplified representations enabling mathematical reasoning.

Evidence

The models discussed in this book are verbal and mathematical representations of markets or of economic processes. These representations are deliberately simplified so that economic reasoning about those markets or processes can take a precise, mathematical form. (Appendix E contains a very simple example of such a model, although to keep that appendix accessible I have expressed the model numerically rather than algebraically.) — Donald MacKenzie, An Engine, Not a Camera, 40

The models discussed in this book are verbal and mathematical representations of markets or of economic processes. These representations are deliberately simplified so that economic reasoning about those markets or processes can take a precise, mathematical form. — Donald MacKenzie, An Engine, Not a Camera, 40

Categorization

• DEFINE: Clarifies what ‘model’ means in this study — deliberately simplified verbal/mathematical representations, not climate-style supercomputer simulations.
• corroborated: 2 independent passages support this claim — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 40
• XREF: connects to: Economic theory is commonly assumed to map perfectly onto a constant reality — Mark Blyth, Austerity: The History of a Dangerous…, 119; Financialised valuation draws on financial economics and mathematical finance. — Ève Chiapello, Financialisation of Valuation, 27; Economics simplifies and disembeds market participants to become applicable. — Donald MacKenzie & Yuval Millo, Constructing a Market, Performing Theory, 189 (+5 more)

Broader Connections

• Useful models must both represent reality and simplify it for specific purposes #expands (0.95) — Samuel P. Huntington, The Clash of Civilizations and the…, 55
• Simplifying a theory to its essentials makes its core mechanisms clearer #expands (0.85) — John T. Jost and Jim Sidanius, Political Psychology, 4383
• Human cognitive limits make simplifying concepts and calculating devices constitutive of complex markets. #expands (0.80) — Donald MacKenzie, An Engine, Not a Camera, 1195
• Systems are rational by reducing complexity without overburdening the individual #expands (0.72) — Niklas Luhmann, Trust and Power, 324