Toward a Newer Economics: The Future Lies Ahead!

William Baumol

Economic Journal, 1991, vol. 101, issue 404, 1-8

Abstract: This paper considers the directions economics may take during the second century of the Economic Journal. Rather than attempting a (questionable) forecast, it suggests the directions research and teaching ought to take. It advocates more work that is not highly abstract and mathematical, more emphasis on application, more concern with the long run, and more teaching of economic history. While not seeking abandonment of abstract theoretical analysis or deemphasis of the short run, it is hoped that those not outstandingly talented in such areas be offered the opportunity to promote careers in economics with other orientations. Copyright 1991 by Royal Economic Society.

Date: 1991
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