Fashion Cycles in Economics
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Philip R. P. Coelho is of professor of economics at Ball State University. He has published in the American Economic Review, the Journal of…
Daniel Klein is professor of economics and JIN Chair at the Mercatus Center at George Mason University, and chief editor of Econ Journal Wat…
James E. McClure (Ph.D., Purdue University, 1983) is Professor of Economics at Ball State University, where his research focus is microecono…
Abstract
We criticize an American Economic Review article that presents itself as a theory of design innovation and fashion cycles. Scrutinizing the model and surrounding prose, we suggest that the article does not make clear what it is that it purports to explain, and that the story of the model fails minimal requirements of factual relevance and intuitiveness. Our broader message is that many “theory” papers are best regarded as mere model-building, a genre of creative writing masquerading as science.
Response to this article by Wolfgang Pesendorfer: Response to “Fashion Cycles in Economics” (EJW, December 2004).
Philip R. P. Coelho is of professor of economics at Ball State University. He has published in the American Economic Review, the Journal of…
Daniel Klein is professor of economics and JIN Chair at the Mercatus Center at George Mason University, and chief editor of Econ Journal Wat…
James E. McClure (Ph.D., Purdue University, 1983) is Professor of Economics at Ball State University, where his research focus is microecono…