A Truthful Economics, or What Modern Economics is — and What it Should Be

Grzegorz W. Kolodko
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Grzegorz W. Kolodko: Kozminski University

Chapter 1 in Whither the World: The Political Economy of the Future, 2014, pp 3-42 from Palgrave Macmillan

Abstract: Abstract Economics is a beautiful science. Economists themselves can be awful, but truthful economics is not. I place her between the two queens of science: the hard, precise mathematics and the soft, abstract philosophy. A good economist must know how to count but he or she should also be able to feel. Good economics must estimate complex inputs and outputs of a broadly defined economic activity to assess its efficiency but he or she should also take account of the system of values followed by individuals, social groups and whole societies to understand what is beneficial to them. Speaking briefly and generally, good economics must make sense. What a pity then that it often does not. Well, but then it’s no longer a science. So what is it then?

Keywords: Economic Activity; Political Economy; Income Inequality; Public Spending; Gini Index (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46574-0_1

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DOI: 10.1057/9781137465740_1

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