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The future of economics: the appropriately educated in pursuit of the knowable

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  • David Colander

Abstract

This paper argues that, currently, significant change is taking place in economics because (1) technological changes in analytic and computing methods are opening up new avenues of study, and (2) the 'low hanging fruit' from previous approaches and methods have already been picked. It offers a vision of the future of economics that sees economists focusing less on the study of infinitely bright agents operating in information rich environments and more on the study of reasonably bright individuals operating in information-poor environments. Agent-based models and computer analysis of data will increase in importance, and deductive analytics will decrease in importance. Copyright 2005, Oxford University Press.

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  • David Colander, 2005. "The future of economics: the appropriately educated in pursuit of the knowable," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 927-941, November.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:927-941
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    Cited by:

    1. Giorgio Fagiolo & Andrea Roventini, 2017. "Macroeconomic Policy in DSGE and Agent-Based Models Redux: New Developments and Challenges Ahead," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 20(1), pages 1-1.
    2. Gaffeo, E. & Catalano, M. & Clementi, F. & Delli Gatti, D. & Gallegati, M. & Russo, A., 2007. "Reflections on modern macroeconomics: Can we travel along a safer road?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 382(1), pages 89-97.
    3. Pierre Lescanne, 2013. "A simple case of rationality of escalation," Post-Print ensl-00832490, HAL.
    4. G. Fagiolo & A. Roventini., 2009. "On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
    5. David Colander, 2005. "Searching where the Light Is: Connecting Theory and Policy in Economics," Middlebury College Working Paper Series 0529, Middlebury College, Department of Economics.
    6. Matteo G. Richiardi, 2015. "The future of agent-based modelling," LABORatorio R. Revelli Working Papers Series 141, LABORatorio R. Revelli, Centre for Employment Studies.
    7. Marcelo De Carvalho Pereira, 2014. "When Competition May Hinder Technologydiffusion: The Case Of Internet Access Services In Brazil," Anais do XL Encontro Nacional de Economia [Proceedings of the 40th Brazilian Economics Meeting] 152, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    8. James E. Alvey, 2011. "A Short History of Ethics and Economics," Books, Edward Elgar Publishing, number 12674, April.
    9. Matteo G. Richiardi, 2017. "The Future of Agent-Based Modeling," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(2), pages 271-287, March.
    10. Lukáš Kovanda, 2011. "Ekonomie budoucnosti: čtyři možné scénáře
      [The Future of Economics: Four Possible Scenarios]
      ," Politická ekonomie, University of Economics, Prague, vol. 2011(6), pages 743-758.

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