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Some Practical Aspects of Pluralism in Economics Truth is so important, however, that it behooves us not to jump to conclusions about it (Samuels, 1997)

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  • Thomas Mayer

Abstract

This contribution to a Festschrift for Warren Samuels argues that in giving policy advice economists should seek diversification and consider the probability of error, and also the loss function and risk aversion. And since advocacy of a theory is in a relevant way like a policy decision, the same applies to theories. If this means employing contradictory theories, then that is consistent with rational behavior. In choosing a methodology, too, a sharp dichotomy of right and wrong is not useful, as the example of new classical reductionism illustrates. Similarly, there is a role for probabilistic pluralism in making value judgments.

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  • Thomas Mayer, "undated". "Some Practical Aspects of Pluralism in Economics Truth is so important, however, that it behooves us not to jump to conclusions about it (Samuels, 1997)," Department of Economics 99-05, California Davis - Department of Economics.
    • Handle: RePEc:fth:caldec:99-05
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    File URL: http://www.econ.ucdavis.edu/working_papers/99-5.pdf
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    1. John B. Davis & D. W. Hands & Uskali Mäki (ed.), 1998. "The Handbook of Economic Methodology," Books, Edward Elgar Publishing, number 741.
    2. Arturo Estrella & Frederic S. Mishkin, 1999. "Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty," NBER Chapters, in: Monetary Policy Rules, pages 405-436, National Bureau of Economic Research, Inc.
    3. Calomiris, Charles W., 1990. "Is Deposit Insurance Necessary? A Historical Perspective," The Journal of Economic History, Cambridge University Press, vol. 50(2), pages 283-295, June.
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