Transcription of What Use is Economic Theory?
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What Use is Economic Theory?
WhatUseis EconomicTheory? CaliforniaatBerkeleyAugust, examinehowneoclassicaleconomictheoryis alsodescribewhatI IsEconomicsBecominga HardScience? 29--30 October,1992,Paris, (inFrench) Cartelier, EconomieDevient-ElleUneScienceDure? worthwhilethingtodo? isa well-constructedeconomicmodelhasanaesthe ticappealwell-capturedbythefollowingline sfromWordsworth: Mightyis thecharmOftheseabstractionstoa mindbesetWithimages,andhauntedbyherselfA ndspeciallydelightfuluntomeWasthatclears ynthesisbuiltupaloftSogracefully. Noonecomplainsaboutpoetry,music,numberth eory,orastronomyasbeing useless, thinkthatonecouldarguea ,whenpressed,mosteconomictheoristsadmitt hattheydoeconomicsbecauseit is thinkpurelyaestheticconsiderationswouldn otprovidea is notjustanintellectualpursuitforitsownsak e,butit apolicyscienceand,assuch, policysciencePartoftheattractionandthepr omiseofeconomicsisthatit claimstodescribepoliciesthatwillimprovep eoples policycomponent, ,ofcourse,hasthepotentialtoimprovepeople s standardsofliving,butthisis reallya , mistaketocompareeconomicstophysics;a ,it isa mistaketocompareeconomicstobiology;a livesbetter; :wevaluewhatis policysubjects ---engineering,medicine,ordentistry---is muchconcernedaboutmethodology,andeconomi sts,byandlarge,aren ,itisquitesurprisingthatthereisn , ,aspracticedinphilosophydepartments,seem stobebasicallyconcernedwithphysics,witha smatteringofphilosophersconcernedwithpsy cholog
What Use is Economic Theory? Hal R. Varian Why is economic theory a worthwhile thing to do? There can be many answers to this question. One obvious answer …
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