On the Limitations of Armchair Economics: Some Views of an Armchair Agricultural Economist

Wilhelm Brandes

European Review of Agricultural Economics, 1989, vol. 16, issue 3, 319-43

Abstract: A large portion of economists' activities can be labeled armchair economics. In this paper, the limitations of armchair economics, with respect to explaining and predicting aggregate phenomena, are discussed. It is argued that, due to ambiguity of sophisticated theory and compensating errors in empirical estimations, armchair economics is likely to face more serious limitations than is generally acknowledged by the mainstream of the profession. Copyright 1989 by Oxford University Press.

Date: 1989
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