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The future of economics: the appropriately educated in pursuit of the knowable

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  • David Colander

Abstract

This paper argues that, currently, significant change is taking place in economics because (1) technological changes in analytic and computing methods are opening up new avenues of study, and (2) the 'low hanging fruit' from previous approaches and methods have already been picked. It offers a vision of the future of economics that sees economists focusing less on the study of infinitely bright agents operating in information rich environments and more on the study of reasonably bright individuals operating in information-poor environments. Agent-based models and computer analysis of data will increase in importance, and deductive analytics will decrease in importance. Copyright 2005, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/bei078
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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 29 (2005)
Issue (Month): 6 (November)
Pages: 927-941

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Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:927-941

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Cited by:
  1. Marcelo De Carvalho Pereira, 2014. "When Competition May Hinder Technologydiffusion: The Case Of Internet Access Services In Brazil," Anais do XL Encontro Nacional de Economia [Proceedings of the 40th Brazilian Economics Meeting] 152, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  2. Giorgio Fagiolo & Andrea Roventini, 2012. "Macroeconomic Policy in DSGE and Agent-Based Models," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 67-116.
  3. Giorgio Fagiolo & Andrea Roventini, 2008. "On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms," Working Papers 47/2008, University of Verona, Department of Economics.
  4. E. Gaffeo & M. Catalano & F. Clementi & D. Delli Gatti & M. Gallegati & A. Russo, 2006. "Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?," Papers physics/0608148, arXiv.org.
  5. David Colander, 2005. "Searching where the Light Is: Connecting Theory and Policy in Economics," Middlebury College Working Paper Series 0529, Middlebury College, Department of Economics.
  6. Lukáš Kovanda, 2011. "The Future of Economics: Four Possible Scenarios," Politická ekonomie, University of Economics, Prague, vol. 2011(6), pages 743-758.

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