André da Loba
One in 100 articles in The New York Times over the past few years have used the term “economist,” a much greater rate than other academic professions, according to a recent article in The Upshot. Economic analysis and pronouncements are crucial to most policy decisions and debates.
But given the profession’s poor track record in forecasting and planning, and the continued struggles of many Americans, have we given economists too much authority?
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The Pie on the Table, Not in the Sky
Government decisions balance costs and benefits, winners and losers. It is best to do this explicitly, which is what economists do.
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Don’t Rely on Pseudo-Science
Orlando Patterson and Ethan Fosse, Harvard University
Implementation of mainstream economic ideas has led to massive failures after expertise of other academics were ignored.
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Analyze and Explain, Don’t Prognosticate
Peter Blair Henry, New York University
Economics succeeds when used as a forensic tool, employing history and data, not creating unrealistic expectations.
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Exceptions Overwhelm Economic Rules
Philip N. Cohen, University of Maryland
Exploitation, dishonesty, violence, ignorance and demagoguery set vast areas of social life apart outside of economic models.
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An Ambivalent Authority
Marion Fourcade, University of California, Berkeley
Much of economic science is esoteric and preoccupied with internal struggles. Ideological divisions, exploited by politicians, defy clarity.
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Failures Shouldn’t Obscure Widespread Success
Charles R. Plott, California Institute of Technology
Economic science is the foundation of sound policies and techniques in business and government.