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what would you consider to be 'Economics the good part' as of today ? because as an outsider who's interested in learning more there seems to be a lot of alchem
by gryn 6y ago
what would you consider to be 'Economics the good part' as of today ? because as an outsider who's interested in learning more there seems to be a lot of alchemy going in the field.
- emteycz 6y agoI recommend to think of economics in terms of meteorology, instead of math/physics. Economical systems are way too complex to contain within a simulation, can't be simplified like e.g. gravitation force formulas. There are analysts trying to interpret the history, explain current events and predict the future, researchers trying to find generalizations and politicians altering the economical policy arbitrarily - and everyone wants their content to reach everyone.
- dash2 6y agoHere's a few: - the "credibility revolution" in econometrics, with its laser focus on good research design to uncover causality - the rise of randomized controlled trials in development economics, discovering "what works" to help the poor - behavioural economics, a bit long in the tooth now, but still with enough insights to support a lot of government Nudge Units - Thomas Piketty and his coauthors' long work at building a sound evidence basis on inequality - auction theory, which helped make the UK government several billion GBP in designing spectrum auctions - new work bringing rigour to economic history, and often giving precise answers to questions like the effect of Protestantism on economic development None of these are perfect but all are interesting. I haven't mentioned macro because I don't know enough to talk about it.