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Frequently, economic theory is driven by judgments about what is valuable in an economic system, beliefs about how the world operates (e.g. rational self-intere
by SubiculumCode 9y ago
Frequently, economic theory is driven by judgments about what is valuable in an economic system, beliefs about how the world operates (e.g. rational self-interest for a classic), and unfortunately, worldviews that align with the financial interests of those who back the economic research.
I hope I have not maligned everyone in economics, because there is good work...it is just that the good work is not always the most influential.
- goialoq 9y agoEconomics is a mathematical science that is tortured into a practical policy regime. Economists say that misapplications aren't their fault, and policy makers say that they are just applying economics. The problem isn't with economics, per se, it's that economics is given a privileged spot in the curriculum over, say, "socioeconomics"
- jimmytidey 9y agoThis may be the view of some economists, but certainly not all of them. Many notable economists promote the view that economics is overly mathematical and ought to do more to reflect real world behaviour. Ostrom's Law captures this beautifully: "A resource arrangement that works in practice can work in theory"