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A plea to economists?

Goodhart, Charles (2001) A plea to economists? Eastern Economic Journal, 27 (2). pp. 215-220. ISSN 0094-5056

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Abstract

Economists can to some extent enlighten policymakers and the public and influence public policy. That enlightenment is achieved more by concrete policy work and application of basics than by fancy models and fancy statistical significance. There is a trade-off between relevance/importance and rigor/precision. Because many economists concentrate on rigor and precision, their influence in public affairs is not as good as it could be. The professional emphasis on scholastic crafts forsakes the Smithian character of political economy. A more Smithian character for the economics profession would lead to better government policy.

Item Type: Article
Official URL: http://www.palgrave-journals.com/eej/index.html
Additional Information: © 2002 Palgrave Macmillan
Subjects: H Social Sciences > HB Economic Theory
JEL classification: H - Public Economics > H0 - General > H00 - General
A - General Economics and Teaching > A1 - General Economics > A11 - Role of Economics; Role of Economists; Market for Economists
A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values
Sets: Research centres and groups > Financial Markets Group (FMG)
Collections > Economists Online
Date Deposited: 19 Aug 2008 09:51
Last Modified: 28 Mar 2017 14:32
URI: http://eprints.lse.ac.uk/id/eprint/7144

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