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The Shorter Oxford English Dictionary offers two relevant definitions. It can mean ‘a 28 Rosenberg, op. cit. 33 representation of structure’. The theory can identify the most important relationships in the economy and show in simple terms how they can explain much of its behaviour. As such it can be useful in predicting, and at least partly ‘true’. But alternatively a model can be ‘an object of imitation’. The theory can be a design, showing how the economy might work in a better world. Either way economic theory defines a set of logical relationships which may have an aesthetic appeal of their own.

The contemporary person, such as an economist or more simply someone who lives in the worldview of our modern Western society, is therefore forced to employ a ‘hermeneutic of wisdom’ in understanding the nature of historical narrative. S/he must attempt to interpret what the nature of biblical truth is in describing reality. Such a response relates to the Old Testament through the particular experience of praise which is found especially expressed in the Psalms. One of the deepest questions is whether this experience of praise means anything in a world where often the intrinsic value of a person or thing which makes it worthy of praise is subordinated to the instrumental or functional nature of that object.

Cit. 31 compass of economic theory to take account of other features of humanity like emotion, group identity and systematic misperception? Some economists, usually those who are sceptical of mainstream neo-classical theory, want the subject to adopt a more eclectic methodology. Sheila Dow, for example, has written:26 The alternative approach is to employ several strands of argument which have different starting points and which, in a successful theory, reinforce each other; an argument, therefore, does not stand or fall on the acceptability of any one set of axioms.

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18 Trading Champions Share Their Keys To Top Trading Profits by docchantw


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