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A Plea to Economists?

Author

Listed:
  • C. A. E. Goodhart

    (Financial Markets Group, London School of Economics)

Abstract

Economists can to some extent enlighten policymakers and the public and influence public policy. That enlightenment is achieved more by concrete policy work and application of basics than by fancy models and fancy statistical significance. There is a trade-off between relevance/importance and rigor/precision. Because many economists concentrate on rigor and precision, their influence in public affairs is not as good as it could be. The professional emphasis on scholastic crafts forsakes the Smithian character of political economy. A more Smithian character for the economics profession would lead to better government policy. The primary article by Daniel B. Klein is followed by comments by Gordon Tullock, Deirdre McCloskey, Israel M. Kirzner, C.A.E. Goodhart, Robert H. Frank and James K. Galbraith and a rejoinder by Daniel B. Klein.

Suggested Citation

  • C. A. E. Goodhart, 2001. "A Plea to Economists?," Eastern Economic Journal, Eastern Economic Association, vol. 27(2), pages 215-220, Spring.
    • Handle: RePEc:eej:eeconj:v:27:y:2001:i:2:p:215-220
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/eeconj/Volume27/V27N2P215_220.pdf
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    More about this item

    Keywords

    Economists;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • H00 - Public Economics - - General - - - General

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