The Craft of Economics: Lessons from the Heckscher-Ohlin Framework
AbstractIn this spirited and provocative book, Edward Leamer turns an examination of the Heckscher–Ohlin framework for global competition into an opportunity to consider the craft of economics: what economists do, what they should do, and what they shouldn’t do. Claiming “a lifetime relationship with Heckscher–Ohlin,” Leamer argues that Bertil Ohlin’s original idea offered something useful though vague and not necessarily valid; the economists who later translated his ideas into mathematical theorems offered something precise and valid but not necessarily useful. He argues further that the best economists keep formal and informal thinking in balance. An Ohlinesque mostly prose style can let in faulty thinking and fuzzy communication; a mostly math style allows misplaced emphasis and opaque communication. Leamer writes that today’s model- and math-driven economics needs more prose and less math. Leamer shows that the Heckscher–Ohlin framework is still useful, and that there is still much work to be done with it. But he issues a caveat about economists: “What we do is not science, it’s fiction and journalism.” Economic theory, he writes, is fiction (stories, loosely connected to the facts); data analysis is journalism (facts, loosely connected to the stories). Rather than titling the two sections of his book Theory and Evidence, he calls them Economic Fiction and Econometric Journalism, explaining, “If you find that startling, that’s good. I am trying to keep you awake.”
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262016877 and published in 2012.
Contact details of provider:
Web page: http://mitpress.mit.edu
econometrics; statistics; Heckscher-Ohlin; economic theory;
Find related papers by JEL classification:
- A1 - General Economics and Teaching - - General Economics
- A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Brakman, Steven & van Marrewijk, Charles, 2013.
"Lumpy countries, urbanization, and trade,"
Journal of International Economics,
Elsevier, vol. 89(1), pages 252-261.
- Enrico Spolaore, 2012.
"The Economics of Political Borders,"
CESifo Working Paper Series
3854, CESifo Group Munich.
- Enrico Spolaore, 2012. "The Economics of Political Borders," Discussion Papers Series, Department of Economics, Tufts University 0767, Department of Economics, Tufts University.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jake Furbush).
If references are entirely missing, you can add them using this form.