Sunday, May 20, 2018

The Economics Profession ain't diverse enough

Thus saith The Economist.  They been running the occasional think piece about economics.  This week they ran the last of the series.  And all they had to talk about was the lack of diversity, women and blacks, in economics faculties.  It's a worthy thought, I think.
   But I'm more interested in whether economics as a "science" gets it right or not.  Actually I consider economics as much as an art as a science, sorta like history.  In fact economics could call itself economic history.  Since you cannot run experiments in economics, at least not on the scale of a national economy, the people object, the best economists can do is gather observations,  like they do in geology and astronomy.  So although economists use a lot of mathematics ('cause a page of equations looks so cool in a paper) it isn't really a full science like physics and chemistry.  It's scientific, sometimes.
   But the real question is do the economists really know what they are doing? 

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