Krugman, Cochrane, Altig ...

There is an active discussion of the future of economics profession. Where should we ( e.g. the broader scientific community) seek the ideas and tools, which could save economics as an emergent science?
Some mainstream economists like Krugman, Cochrane, Altig and others again discuss these problems in light of which school of economic thought should prevail. I guess that this discussion will stretch straight into the next failure to predict significant economic phenomenon; like deflation in the USA starting in 2012. So, despite its activity the discussion seems to be a hopeless one.

We deserve a better treat. Therefore, the scientific community must formulate clear questions and set some threshold requirements for economics as a science to be allowed to shape and control economic and social life. In a sense, we are all customers of economic theory because it ifluences in one way or another the decisions made by economic and financial authorities. As the customers we should ask the economic profession to formulate a new research plan (not to argue which school is wrong). This plan has to define clear (for general public and experts in various fields) ideas and tools which are necessary to answer the question why the theory has failed to describe 2007-2010, and when it expects a new unpredictable change likely to happen. Meanwhile, it would be helpful for economists to regain public trust. This current discussion on the difference between various (failed) approaches does not look like helpful. If they follow the route of the negation of the presence of educated audience waiting for reasonable answers, they will completely detach themselves from the scientific community and general public as well.

No comments:

Post a Comment