Showing posts with label economics as craft. Show all posts
Showing posts with label economics as craft. Show all posts

Friday, April 14, 2017

Jason Smith — Is economics scientific? A short play in one act.


Fun and instructive.

Information Transfer Economics
Is economics scientific? A short play in one act.
Jason Smith

Sunday, March 9, 2014

Lord Keynes — No Constants in Human Behaviour?


Comparison of Mises and Keynes on explanation and prediction in natural science versus social science, including economics. Being ergodic, natural science can produce causal explanations that yield precise predictions, whereas being non-ergodic, social science — including economics — tells stories. These narratives are not (necessarily) trivial, however, depending on the craft of the storytellers.

Social Democracy For The 21St Century: A Post Keynesian Perspective
No Constants in Human Behaviour?
Lord Keynes
(h/t Auburn Parks in the comments)

Thursday, February 13, 2014

Lars P. Syll — How to make economics a realist and relevant science


As yours truly has reported repeatedly lately, university students all over Europe are increasingly beginning to question if the kind of economics they are taught — mainstream neoclassical economics — really is of any value. Some have even started to question if economics really is a science.
How to make economics a realist and relevant science
Lars P. Syll | Professor, Malmo University

Saturday, January 4, 2014

Dani Rodrick — Economics as craft


Dani Rodrik enters the "Is economics a science?" debate.
Where we frequently go wrong as economists is to look for the “one right model” – the single story that provides the best universal explanation. Yet, the strength of economics is that it provides a panoply of context-specific models. The right explanation depends on the situation we find ourselves in. Sometimes the Keynesians are right, sometimes the classicals. Markets work sometimes along the lines of competitive models and sometimes along monopolistic models.The craft of economics consists on being able to diagnose which of the models apply best in a given historical and geographical context.
Dani Rodrik's Weblog
Economics as craft
Dani Rodrick | Albert O. Hirschman Professor of Social Science at the Institute for Advanced Study