The vanity of economists

Posted on

Gideon Rachman in the FT says:

The vanity of economists needs to be challenged. Above all, their claim to scientific rigour — buttressed by models and equations — must be treated much more sceptically.

Follow the link and watch the video. He debates the issue with Martin Wolf.

Wolf pretty much damns the profession — and its mathematical models — but argues economics is usefully as long as its not pursued to its complete logical conclusions — because people are too complex to portray in the simple ways economists suggest is possible.

I think he means neoclassical economists and their absurd simplifying assumptions.

And anyone but a neoclassical economist would agree.

Strongly recommended.

Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:

You can subscribe to this blog's daily email here.

And if you would like to support this blog you can, here: