An Essay on The Nature And Significance of Economic Science Summary Text

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The fundamental textbook on the elements of economics when i was a student at l.s.e. Was cannan's wealth and the first chapter of this truly excellent work was devoted to elucidations which defined its subject matter in terms of the causes of material welfare. Everyone also recognizes economics a social science is somehow not quite the same as physics in its ability to be science like.

But what is a science and how is economics different? at first glance, a science is a way of thinking that emphasizes putting forward basic hypotheses and then doing controlled experiments that are set up to distinguish in stark relief whether each hypothesis is right or wrong. Economists often are stuck with using historical or cross country evidence to tease out what might merely suggest a result. Political viewpoints and the everyday language used in economics make unbiased statements or interpretations of results, or the understanding of ideas, imprecise and easily misinterpreted. At second glance, though, even the most fundamental scientific aspects of physics are more complicated than the ideal.

Experimental results in physics are never 100% conclusive and are subject to dispute even centuries after the fact. The ideal of creating a physics hypothesis before looking at the evidence is often more of an art than depicted in physics textbooks. In what ways is economics like an idealized science? unlike an idealized science? does mathematical modeling make economics closer to being a science than, say, psychology? how can economists keep their own biases in check and should they? are there some ideas about which all economists agree? do disagreements suggest that economics is an exciting, viable academic discipline or a perpetually unresolvable dispute? lionel robbins. Biography, from the concise encyclopedia of economics robbins' most famous book was an essay on the nature and significance of economic science.

First is robbins' famous all x002d encompassing definition of economics that is still used to define the subject today: economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses. Alex rosenberg of duke university talks with econtalk host russ roberts about the scientific nature of economics. He surveys the changes in economics over the last 25 years the rise of experimental economics and behavioral economics and argues that economics has become more scientific and that economists have become more aware of flaws in economic theory. But he also argues that economics is unable to make precise predictions about the effects of various changes in policy and behavior. The conversation closes with a discussion of the role the philosophy of science can play in the evolution of economics.

Diane coyle talks with host russ roberts about the ideas in her new book, the soulful science: what economists really do and why it matters. the discussions starts with the issue of growth measurement issues and what economists have learned and have yet to learn about why some nations grow faster than others and some don't grow at all. Subsequent topics include happiness research, the politics and economics of inequality, the role of math in economics, and policy areas where economics has made the greatest contribution. David henderson, editor of the concise encyclopedia of economics and a research fellow at stanford's hoover institution, talks with econtalk host russ roberts about when and why economists disagree. Harry truman longed for a one x002d armed economist, one willing to go out on a limb and take an unequivocal position without adding on the other hand.

Truman's view is often reflected in the public's view that economic knowledge is inherently ambiguous and that economists never agree on anything. Henderson claims that this view is wrong x002d x002d that there is substantial agreement among economists on many scientific questions x002d x002d while roberts wonders whether this consensus is getting a bit frayed around the edges. The conversation highlights the challenges the everyday person faces in trying to know when and what to believe when economists take policy positions based on research.

Is it biased or science? confirmation bias: a philosopher's take on political bias youtube. Chris freiman, a philosophy professor at the college of william and mary, describes the phenomenon of confirmation bias: how people look for evidence to confirm their existing beliefs. He shows how confirmation bias plays an important role in citizens' voting decisions. Vernon smith, professor of economics at george mason university and the 2002 nobel laureate in economics, talks about experimental economics, markets, risk, behavioral economics and the evolution of his career.

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Badly talks with econtalk host russ roberts about theories and models, and the elusive nature of truth in the sciences and social sciences. Derman, a former physicist and goldman sachs quant quantitative analyst , contrasts the search for truth in the sciences with the search for truth in finance and economics. He critiques attempts to make finance more scientific and applies those insights to the financial crisis. The conversation closes with a discussion of career advice for those aspiring to work in quantitative finance.

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David weinberger of harvard university's berkman center for internet society and author of too big to know, talks with econtalk host russ roberts about the ideas in the book how knowledge and data and our understanding of the world around us are being changed by the internet. Weinberger discusses knowledge and how it is attained have changed over time, particularly with the advent of the internet. And he discusses whether the internet is making us smarter or stupider, and the costs and benefits of being able to tailor information to one's own interests and biases.

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