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How economics can raise its game — Tim Harford

Summary:
Another one on methodology.I, my view, Tim Harford is basically correct in thinking that the optimal methodological approach in economics, as in the social sciences, is to "let a hundred flowers bloom," to borrow a metaphor from Chairman Mao. But from the POV of the "hard" sciences, "soft science" is not "real" science. That is drawing lines arbitrarily. It basically says that the other "sciences" are not physics or chemistry. Well, doh. Anyway, the post is worth a read. It takes off from a recent paper by George Akerlof.Tim Harford — The Undercover EconomistHow economics can raise its gameTim Harford, FT columinst

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Another one on methodology.

I, my view, Tim Harford is basically correct in thinking that the optimal methodological approach in economics, as in the social sciences, is to "let a hundred flowers bloom," to borrow a metaphor from Chairman Mao. But from the POV of the "hard" sciences, "soft science" is not "real" science. That is drawing lines arbitrarily. It basically says that the other "sciences" are not physics or chemistry. Well, doh.

Anyway, the post is worth a read. It takes off from a recent paper by George Akerlof.

Tim Harford — The Undercover Economist
How economics can raise its game
Tim Harford, FT columinst


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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