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The Short-Termism of 'Hard' Economics

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  • Ilan Noy
  • Shakked Noy

Abstract

“Longtermism” is the view that the impacts of our actions on the very long-term future deserve prominent consideration in decision-making. We discuss the primary barrier that prevents academic economists from contributing to longtermist research: an overly rigid preference for methodological “hardness” (Akerlof, 2020). Hardness bias prevents economists from engaging in methodologically pluralistic, interdisciplinary, qualitative, and other kinds of research, including most potential longtermist research. We unpack hardness bias, discuss its roots, illustrate how it prevents economists from engaging in longtermist research, and try to present a positive vision of the kinds of longtermist research economists could engage in if hardness norms were relaxed.

Suggested Citation

  • Ilan Noy & Shakked Noy, 2022. "The Short-Termism of 'Hard' Economics," CESifo Working Paper Series 10160, CESifo.
    • Handle: RePEc:ces:ceswps:_10160
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    More about this item

    Keywords

    economic methodology; longtermism; academic economics; methodological hardness;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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