A Plea to Economists?

Charles Goodhart ()
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Charles Goodhart: Financial Markets Group, London School of Economics

Eastern Economic Journal, 2001, vol. 27, issue 2, 215-220

Abstract: Economists can to some extent enlighten policymakers and the public and influence public policy. That enlightenment is achieved more by concrete policy work and application of basics than by fancy models and fancy statistical significance. There is a trade-off between relevance/importance and rigor/precision. Because many economists concentrate on rigor and precision, their influence in public affairs is not as good as it could be. The professional emphasis on scholastic crafts forsakes the Smithian character of political economy. A more Smithian character for the economics profession would lead to better government policy. The primary article by Daniel B. Klein is followed by comments by Gordon Tullock, Deirdre McCloskey, Israel M. Kirzner, C.A.E. Goodhart, Robert H. Frank and James K. Galbraith and a rejoinder by Daniel B. Klein.

Keywords: Economists (search for similar items in EconPapers)
JEL-codes: A11 A13 H00 (search for similar items in EconPapers)
Date: 2001
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