The World in the Model

The World in the Model examines how economists use models as tools for understanding and investigating economic phenomena. Through detailed historical case studies, Morgan traces the development of economic modeling from the early experiments of Irving Fisher to modern mathematical approaches. Morgan analyzes specific moments when economists created new types of models, showing how they used these tools to gain insights about markets, behavior, and economic relationships. The book demonstrates the ways models serve as both instruments of investigation and representations of economic theories. The text explores fundamental questions about the nature of model-based reasoning in economics and its evolution over time. Morgan examines how economists work with models in practice - building them, manipulating them, and learning from them. This history of economic methodology reveals broader insights about scientific practices and the relationship between theories and the tools used to develop them. The book contributes to ongoing discussions about how models mediate between abstract ideas and empirical evidence in social science.

Readers emphasize the book's detailed examination of how economic models evolved from simple analogies to complex mathematical tools. Many note its accessibility for non-economists while still offering depth for specialists. Liked: - Clear explanations of model development through historical examples - Strong use of case studies and visual elements - Balanced treatment of models' strengths and limitations - Integration of philosophy of science perspectives Disliked: - Dense academic writing style in some sections - Heavy focus on historical details over modern applications - Some readers found the pace slow in technical chapters Ratings: Goodreads: 4.0/5 (23 ratings) Amazon: 4.4/5 (12 ratings) Notable reader comments: "Explains the transition from verbal to mathematical economics better than any other source" - Amazon reviewer "Too much emphasis on historical minutiae rather than broader implications" - Goodreads reviewer "Valuable for understanding both the power and limitations of economic modeling" - Economics blogger

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🔸 Mary Morgan coined the term "mathematical economics" while researching the history of how economics became increasingly mathematical during the 20th century. 📊 The book examines how economic models evolved from simple physical demonstrations (like William Phillips' hydraulic machine) to complex mathematical abstractions. 🎓 Morgan teaches at the London School of Economics and was the first woman to be elected President of the History of Economics Society (2004-2005). 💡 The famous Phillips Machine, discussed extensively in the book, used water flowing through pipes to demonstrate money flow in the economy - making abstract economic concepts physically visible. 📚 The work challenges the common view that economic models are merely simplified representations, arguing instead that they are tools for investigating and understanding economic phenomena - more like scientific instruments than maps.