Posts Tagged ‘ Social theory ’

Data and theory: substitutes or complements? Lessons from history of economics

EEToday, my chapter on “Formalization and mathematical modelling” is published in a new series of three reference books on History of Economic Analysis (edited by G. Faccarello and H. Kurz, Edward Elgar). The chapter draws heavily on key ideas I developed as part of my thesis on the origins of mathematical economics. But this was a long time ago and reading it again today, I see it in a different light. I notice in particular that economics developed its distinctive mathematical flavour, which makes it neatly stand out relative to the other social sciences, at times in which social research was data-poor – and it did so not despite data paucity, but precisely because of it. William S. Jevons, a 19th-century forefather of the discipline who was clearly aware of the relevance of maths, wrote in 1871:

“The data are almost wholly deficient for the complete solution of any one problem”

yet:

“we have mathematical theory without the data requisite for precise calculation”

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