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Measurement Errors and the Convergence Hypothesis

In: Open-Economy Macroeconomics

Author

Listed:
  • Edward E. Leamer

    (University of California)

Abstract

Specialisation has benefits, but these benefits can be more than fully offset by coordination failures. I think we economists have carried intellectual specialisation too far. Some of us think about how economic systems ought to work, some of us collect data, some analyse data and others think about how we should analyse data. We have honed our skills at these separate tasks to razor-sharpness, but there is very little overall coordination of these disparate specialities. It is as if to build our intellectual edifice, we hired the very best carpenter, the very best plumber and the very best electrician, but did not allow any coordination. What kind of house would be built?

Suggested Citation

  • Edward E. Leamer, 1993. "Measurement Errors and the Convergence Hypothesis," International Economic Association Series, in: Helmut Frisch & Andreas Wörgötter (ed.), Open-Economy Macroeconomics, chapter 13, pages 241-256, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-12884-6_13
    DOI: 10.1007/978-1-349-12884-6_13
    as

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