Room for Debate: Are Economists Overrated?

The Pie on the Table, Not in the Sky

Diane Coyle, University of Manchester, England

Government decisions balance costs and benefits, winners and losers. It is best to do this explicitly, which is what economists do.

Don't Rely on Pseudo-Science

Orlando Patterson and Ethan Fosse, Harvard University

Implementation of mainstream economic ideas has led to massive failures after expertise of other academics were ignored.

Analyze and Explain, Don't Prognosticate

Peter Blair Henry, New York University

Economics succeeds when used as a forensic tool, employing history and data, not creating unrealistic expectations.

Exceptions Overwhelm Economic Rules

Philip N. Cohen, University of Maryland

Exploitation, dishonesty, violence, ignorance and demagoguery set vast areas of social life apart outside of economic models.

An Ambivalent Authority

Marion Fourcade, University of California, Berkeley

Much of economic science is esoteric and preoccupied with internal struggles. Ideological divisions, exploited by politicians, defy clarity.

Failures Shouldn't Obscure Widespread Success

Charles R. Plott, California Institute of Technology

Economic science is the foundation of sound policies and techniques in business and government.