The Next Hundred Years

Stephen J Turnovsky

Economic Journal, 1991, vol. 101, issue 404, 142-48

Abstract: The paper begins by emphasizing the evolving use of increasingly sophisticated analytical methods in the discipline and lamenting the increased specialization of the profession. Several aspects of economics as it has been practiced recently are found to be troubling. These include the dominance of fads, certain methodological procedures, and ideological disputes. The paper then focuses more on the future, arguing that the present treatment of uncertainty and dynamics is primitive. It suggests that the methods of nonlinear dynamics are promising. It also argues that the developments have been largely incremental and questions whether quantum changes in the methods of economics are likely to occur over the foreseeable future. Copyright 1991 by Royal Economic Society.

Date: 1991
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