Friday, July 29, 2016

Rick McGahey — Why Does Economics Reject New Thinking?

Cognitive bias, and maybe economic bias also. Careers at stake, along with huge intellectual investment in old thinking.

Why Does Economics Reject New Thinking?
Rick McGahey
ht Mark Thoma at Economist's View


Brian Romanchuk said...

We have to remember that economics does not always reject new thinking; DSGE was new, and unfortunately not rejected. Academic politics explains the problems; no sign that economic theory will improve. (There's a lot of economics beyond macro theory; about as useful as any other current academic discipline.)

Vilhelmo De Okcidento said...

"A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it."

"Science advances one funeral at a time."

--Max Planck