Dani Rodrik — Economists vs. Economics

Summary of Rodrik's new book on modeling and the use of models in econ.

Economics is not the kind of science in which there could ever be one true model that works best in all contexts. The point is not “to reach a consensus about which model is right,” as Romer puts it, but to figure out which model applies best in a given setting. And doing that will always remain a craft, not a science, especially when the choice has to be made in real time. 

The social world differs from the physical world because it is man-made and hence almost infinitely malleable. So, unlike the natural sciences, economics advances scientifically not by replacing old models with better ones, but by expanding its library of models, with each shedding light on a different social contingency.

Project Syndicate
Economists vs. Economics

Dani Rodrik | Professor of International Political Economy at Harvard University’s John F. Kennedy School of Government