Simon Wren-Lewis — Economists: too much ideology, too little craft

One of the features of mainstream economics today is the huge diversity of models that are around. Academic prestige tends to come to those who add to that number. But how do you decide which model to use when investigating a particular problem? The answer is by looking at evidence about applicability. That is not a trivial task because of the probabilistic and diverse nature of economic evidence, and Dani Rodrik describes that process as more of a craft than a science....

Mainly Macro
Economists: too much ideology, too little craft
Simon Wren-Lewis | Professor of Economics, Oxford University