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Successes and failures in the transformation of economics

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Author Info
Richard G. Lipsey
Abstract

While acknowledging the successes of modern economics, this paper concentrates on some shortcomings. Many are traced to a single source: the great insights of economics are all qualitative. Economics does not have a theoretical structure that is tightly related to a rich body of data and those seeking to contribute to its ideas operate on widely divergent levels of theoretical and empirical sophistication with little communication between those who operate at different levels. One consequence is that anomalies are tolerated on a scale that would be scandalous in any natural science. Another is that theories tend to be developed in unconstrained ways that are empirically relevant only by accident. Elegant error is often preferred to messy truth. Theoretical tractability is often preferred to empirical relevance. Economists often prefer theories that produce unambiguous policy results over theories that do not, irrespective of their relative evidential bases.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Journal of Economic Methodology.

Volume (Year): 8 (2001)
Issue (Month): 2 (June)
Pages: 169-201
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Handle: RePEc:taf:jecmet:v:8:y:2001:i:2:p:169-201

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Related research
Keywords: Methodology Abstraction Formalism Empirical Relevance Second Best Industrial Policy Optimality Qualitative Insights;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Riddell, W.C., 1999. "Canadian Labour Market Performance in International Perspective," UBC Departmental Archives 99-25, UBC Department of Economics.
  2. James Tobin, 1956. "Liquidity Preference as Behavior Towards Risk," Cowles Foundation Discussion Papers 14, Cowles Foundation, Yale University. [Downloadable!]
  3. Richard G. Lipsey & Kenneth Carlaw, 2000. "What Does Total Factor Productivity Measure?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 1, pages 31-40, Fall. [Downloadable!]
  4. G.C. Archibald & B.C. Eaton & Richard Lipsey, 1982. "Address Models of Value Theory," Working Papers 495, Queen's University, Department of Economics.
  5. Curtis Eaton, B. & Lipsey, Richard G., 1989. "Product differentiation," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 12, pages 723-768 Elsevier. [Downloadable!] (restricted)
  6. Stephen R. G. Jones & W. Craig Riddell, 1999. "The Measurement of Unemployment: An Empirical Approach," Econometrica, Econometric Society, vol. 67(1), pages 147-162, January.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Oliver E. Williamson, 2005. "The Economics of Governance," American Economic Review, American Economic Association, vol. 95(2), pages 1-18, May. [Downloadable!]
  2. Hendrik P. van Dalen, 2003. "Pluralism in Economics: A Public Good or a Public Bad?," Tinbergen Institute Discussion Papers 03-034/1, Tinbergen Institute, revised 18 May 2004. [Downloadable!]
  3. Des Gasper, 2007. "Problem- and policy-analyis for human development: Sen in the light of Dewey, Myrdal, Streeten, Stretton and Haq," Working Papers - General Series 451, Institute of Social Studies. [Downloadable!]
  4. Des Gasper, 2002. "Is Sen's Capability Approach an Adequate Basis for Considering Human Development?," Review of Political Economy, Taylor and Francis Journals, vol. 14(4), pages 435-461, October. [Downloadable!] (restricted)
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