Friday, March 11, 2011
Klein - Common Mistakes Made by Economists
Posted by Liam Delaney
Via Marginal Revolution, this post by Ezra Klein lists common mistakes made by Economists. He basically charges that economists rely too much on theory and too little on implementation, and that economists in general underweight the role of power, culture and nationalism in determining economic affairs. He also charges that economists are overconfident about the robustness of their models, and the evidence supporting them. His mistake number 9 is "nobody knows what stochastic means". A lot of food for thought. It would be nice to see lists like this for our cousin disciplines also.