IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v29y2005i6p927-941.html
   My bibliography  Save this article

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

Author

Listed:
  • 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.

Suggested Citation

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

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cje/bei078
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. Pierre Lescanne, 2013. "A simple case of rationality of escalation," Post-Print ensl-00832490, HAL.
    3. 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.
    4. Giorgio Fagiolo & Andrea Roventini, 2012. "Macroeconomic Policy in DSGE and Agent-Based Models," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 67-116.
    5. G. Fagiolo & A. Roventini, 2009. "On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 6.
    6. Julia Bock-Schappelwein & Ulrike Huemer & Andrea Pöschl, 2006. "Teilstudie 9: Aus- und Weiterbildung als Voraussetzung für Innovation," WIFO Studies, WIFO, number 27448, February.
    7. Lukáš Kovanda, 2014. "Will the Financial Crisis Become a Milestone in the Development of Methodology of Economics? [Stane se finanční krize milníkem v metodologii ekonomie?]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2014(4), pages 16-29.
    8. repec:hal:spmain:info:hdl:2441/dcditnq6282sbu1u151qe5p7f is not listed on IDEAS
    9. Giorgio Fagiolo & Andrea Roventini, 2016. "Macroeconomic Policy in DGSE and Agent-Based Models Redux," Working Papers hal-03459348, HAL.
    10. 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.
    11. Antinyan, Armenak & Horváth, Gergely & Jia, Mofei, 2019. "Social status competition and the impact of income inequality in evolving social networks: An agent-based model," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 79(C), pages 53-69.
    12. 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.
    13. 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 Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    14. James E. Alvey, 2011. "A Short History of Ethics and Economics," Books, Edward Elgar Publishing, number 12674.
    15. Lukáš Kovanda, 2011. "Ekonomie budoucnosti: čtyři možné scénáře [The Future of Economics: Four Possible Scenarios]," Politická ekonomie, Prague University of Economics and Business, vol. 2011(6), pages 743-758.
    16. Urban, Janina & Rommel, Florian, 2020. "German economics: Its current form and content," Working Paper Series 56, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:927-941. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.