Advertisement
| economics is a science: How Economics Shapes Science Paula Stephan, 2015-09-07 The beauty of science may be pure and eternal, but the practice of science costs money. And scientists, being human, respond to incentives and costs, in money and glory. Choosing a research topic, deciding what papers to write and where to publish them, sticking with a familiar area or going into something new—the payoff may be tenure or a job at a highly ranked university or a prestigious award or a bump in salary. The risk may be not getting any of that. At a time when science is seen as an engine of economic growth, Paula Stephan brings a keen understanding of the ongoing cost-benefit calculations made by individuals and institutions as they compete for resources and reputation. She shows how universities offload risks by increasing the percentage of non-tenure-track faculty, requiring tenured faculty to pay salaries from outside grants, and staffing labs with foreign workers on temporary visas. With funding tight, investigators pursue safe projects rather than less fundable ones with uncertain but potentially path-breaking outcomes. Career prospects in science are increasingly dismal for the young because of ever-lengthening apprenticeships, scarcity of permanent academic positions, and the difficulty of getting funded. Vivid, thorough, and bold, How Economics Shapes Science highlights the growing gap between the haves and have-nots—especially the vast imbalance between the biomedical sciences and physics/engineering—and offers a persuasive vision of a more productive, more creative research system that would lead and benefit the world. |
| economics is a science: The Economics of Big Science Hans Peter Beck, Panagiotis Charitos, 2020-10-29 The essays in this open access volume identify the key ingredients for success in capitalizing on public investments in scientific projects and the development of large-scale research infrastructures. Investment in science – whether in education and training or through public funding for developing new research tools and technologies – is a crucial priority. Authors from big research laboratories/organizations, funding agencies and academia discuss how investing in science can produce societal benefits as well as identifying future challenges for scientists and policy makers. The volume cites different ways to assess the socio-economic impact of Research Infrastructures and their role as hubs of global collaboration, creativity and innovation. It highlights the different benefits stemming from fundamental research at the local, national and global level, while also inviting us to rethink the notion of “benefit” in the 21st century. Public investment is required to maintain the pace of technological and scientific advancements over the next decades. Far from advocating a radical transformation and massive expansion in funding, the authors suggest ways for maintaining a strong foundation of science and research to ensure that we continue to benefit from the outputs. The volume draws inspiration from the first “Economics of Big Science” workshop, held in Brussels in 2019 with the aim of creating a new space for dialogue and interaction between representatives of Big Science organizations, policy makers and academia. It aspires to provide useful reading for policy makers, scientists and students of science, who are increasingly called upon to explain the value of fundamental research and adopt the language and logic of economics when engaging in policy discussions. |
| economics is a science: Economics as a Social Science Andrew M. Kamarck, 2009-04-21 Economics as a Social Science is a highly readable critique of economic theory, based on a wide range of research, that endeavors to restore economics to its proper role as a social science. Contrary to conventional economic theory, which assumes that people have no free will, this book instead bases economics on the realistic assumption that human beings can choose; that we are complex beings affected by emotion, custom, habit, and reason; and that our behavior varies with circumstances and times. It embraces the findings of history, psychology, and other social sciences and the insights from great literature on human behavior as opposed to the rigidity set by mathematical axioms that define how economics is understood and practiced today. Andrew M. Kamarck demonstrates that only rough accuracy is attainable in economic measurement, and that understanding an economy requires knowledge from other disciplines. The canonical hypotheses of economics (perfect rationality, self-interest, equilibrium) are shown to be inadequate (and in the case of equilibrium to be counterproductive to understanding the forces that dominate the economy), and more satisfactory assumptions provided. The market is shown to work imperfectly and to require appropriate institutions to perform its function reasonably well. Further, Kamarck argues that self-interest does not always lead to helping the general interest. Economics as a Social Science examines and revises the fundamental assumptions of economics. Because it avoids jargon and explains terms carefully, it will be of interest to economics majors as well as to graduate students of economics and other social sciences, and social scientists working in government and the private sector. Andrew M. Kamarck is former Director, Economic Development Institute, the World Bank. |
| economics is a science: Economics As a Science of Human Behaviour Bruno S. Frey, 2013-06-29 This book champions the view that economics is a social science, and that, moreover, it may serve as a new paradigm for the social sciences. Economics is taken to be part of those sciences which deal with actual problems of society by providing insights, improving our understanding and suggesting solutions. I am aware that the way problems are addressed here has little in common with economics as it is generally understood today; most economists make strong efforts to imitate the exact sciences. Economics tends to become a branch of applied mathematics; the majority of all publications in professional journals and books are full of axioms, lemmas and proofs, and they are much concerned with purely formal deductions. Often, when the results are translated into verbal language, or when they are applied empirically, disappointingly little of interest remains. The book wants to show that another type of economics exists which is surprisingly little known. This type of economics has its own particular point of view. It centres on a concept of man, or a model of human behaviour, which differs from those normally used in other social sciences such as sociology, political science, law, or psychology. I do not, how ever, claim that economics is the only legitimate social science. On the vii viii PREFACE contrary, economics can provide useful insights only in collaboration with the other social sciences-an aspect which has been disregarded by mathematically oriented economics. |
| economics is a science: The Economics of Science James R Wible, 2003-09-02 Science is difficult and costly to do well. This study systematically creates an economics of science. Many aspects of science are explored from an economic point of view. The scientist is treated as an economically rational individual. This book begins with economic models of misconduct in science and the legitimate, normal practices of science, moving on to market failure, the market place of ideas, self-correctiveness, and the organizational and institutional structures of science. An exploration of broader methodological themes raised by an economics of science ends the work. |
| economics is a science: How Economics Became a Mathematical Science E. Roy Weintraub, 2002-05-28 In How Economics Became a Mathematical Science E. Roy Weintraub traces the history of economics through the prism of the history of mathematics in the twentieth century. As mathematics has evolved, so has the image of mathematics, explains Weintraub, such as ideas about the standards for accepting proof, the meaning of rigor, and the nature of the mathematical enterprise itself. He also shows how economics itself has been shaped by economists’ changing images of mathematics. Whereas others have viewed economics as autonomous, Weintraub presents a different picture, one in which changes in mathematics—both within the body of knowledge that constitutes mathematics and in how it is thought of as a discipline and as a type of knowledge—have been intertwined with the evolution of economic thought. Weintraub begins his account with Cambridge University, the intellectual birthplace of modern economics, and examines specifically Alfred Marshall and the Mathematical Tripos examinations—tests in mathematics that were required of all who wished to study economics at Cambridge. He proceeds to interrogate the idea of a rigorous mathematical economics through the connections between particular mathematical economists and mathematicians in each of the decades of the first half of the twentieth century, and thus describes how the mathematical issues of formalism and axiomatization have shaped economics. Finally, How Economics Became a Mathematical Science reconstructs the career of the economist Sidney Weintraub, whose relationship to mathematics is viewed through his relationships with his mathematician brother, Hal, and his mathematician-economist son, the book’s author. |
| economics is a science: The Unity of Science and Economics Jing Chen, 2015-11-06 This book presents a new economic theory developed from physical and biological principles. It explains how technology, social systems and economic values are intimately related to resources. Many people have recognized that mainstream (neoclassical) economic theories are not consistent with physical laws and often not consistent with empirical patterns, but most feel that economic activities are too complex to be described by a simple and coherent mathematical theory. While social systems are indeed complex, all life systems, including social systems, satisfy two principles. First, all systems need to extract resources from the external environment to compensate for their consumption. Second, for a system to be viable, the amount of resource extraction has to be no less than the level of consumption. From these two principles, we derive a quantitative theory of major factors in economic activities, such as fixed cost, variable cost, discount rate, uncertainty and duration. The mathematical theory enables us to systematically measure the effectiveness of different policies and institutional structures at varying levels of resource abundance and cost.The theory presented in this book shows that there do not exist universally optimal policies or institutional structures. Instead, the impacts of different policies or social structures have to be measured within the context of existing levels of resource abundance. As the physical costs of extracting resources rise steadily, many policy assumptions adopted in mainstream economic theories, and workable in times of cheap and abundant energy supplies and other resources, need to be reconsidered. In this rapidly changing world, the theory presented here provides a solid foundation for examining the long-term impacts of today's policy decisions. |
| economics is a science: Toward a Formal Science of Economics Bernt P. Stigum, 1990 Consumer Law and Practice provides undergraduate students and those studying the LPC with concise yet comprehensive guidance. It is also a useful aid for practitioners (including those advising businesses) and non-lawyers requiring information which can be quickly understood. Using an innovative problem-solving approach to the subject, we focus on situations in which clients may find themselves and explain how the law deals with such situations. Between the covers is a mine of information clearly and accurately set out ... a valuable tool for non-specialist and specialist alike. The Law Society's Gazette |
| economics is a science: Science Bought and Sold Philip Mirowski, Esther-Mirjam Sent, 2002-01-03 From essays examining economic welfare to the idea of scientists as agents to the digital aspects of higher education, presents a comprehensive overview of the new directions of this expanding area. |
| economics is a science: Economics Rules: The Rights and Wrongs of the Dismal Science Dani Rodrik, 2015-10-13 “A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science. |
| economics is a science: Entrepreneurial Economics Alexander Tabarrok, 2002 This intriguing collection is designed to show how economists can play a more active role in designing and directing the nation's social institutions. By taking the task of political economy seriously, the contributors (including some of today's most distinguished economists) reveal the power of economic thought to offer innovative solutions to some of the most difficult problems facing society today. By creating markets where none existed before, the authors propose efficient, reliable, and profitable improvements to current systems of health insurance, financial markets, human organ distribution, judicial practice, bankruptcy and securities regulation, patenting, and transportation. Written in the entrepreneurial spirit, these essays show economics to be an ambitious, dynamic, and far-from-dismal science. |
| economics is a science: Economics and the Philosophy of Science Deborah A. Redman, 1993 Economists and other social scientists in this century have often supported economic arguments by referring to positions taken by philosophers of science. This important new book looks at the reliability of this practice and--in the process--provides economists, social scientists, and historians with the necessary background to discuss methodological matters with authority. Redman presents an accurate, critical, yet neutral survey of the modern philosophy of science from the Vienna Circle to the present, focusing particularly on logical positivism, sociological explanations of science (Polanyi, Fleck, Kuhn), the Popper family, and the history of science. She then deals with economic methodology in the twentieth century, looking at a wide range of methodological positions, especially those supported by positions from the philosophy of science. |
| economics is a science: Why Economics is Not Yet a Science Alfred S. Eicher, 2019-11-14 First published in 1983. A collection of papers directed at those outside the field of Economics, to open up discussions around the scientific worth of Economics. |
| economics is a science: Philosophy of Economics Uskali Mäki, 2012-06-12 Part of the Handbook of the Philosophy of Science Series edited by: Dov M. Gabbay King's College, London, UK; Paul Thagard University of Waterloo, Canada; and John Woods University of British Columbia, Canada. Philosophy of Economics investigates the foundational concepts and methods of economics, the social science that analyzes the production, distribution and consumption of goods and services. This groundbreaking collection, the most thorough treatment of the philosophy of economics ever published, brings together philosophers, scientists and historians to map out the central topics in the field. The articles are divided into two groups. Chapters in the first group deal with various philosophical issues characteristic of economics in general, including realism and Lakatos, explanation and testing, modeling and mathematics, political ideology and feminist epistemology. Chapters in the second group discuss particular methods, theories and branches of economics, including forecasting and measurement, econometrics and experimentation, rational choice and agency issues, game theory and social choice, behavioral economics and public choice, geographical economics and evolutionary economics, and finally the economics of scientific knowledge. This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics. Provides a bridge between philosophy and current scientific findings Encourages multi-disciplinary dialogue Covers theory and applications |
| economics is a science: Economics as a Science Kenneth Ewart Boulding, 1970 Economics as a social science; Economics as an ecological science; Economics as a behavioral science; Economics as a political science; Economics as a mathematical science; Economics as a moral science; Economics and the future of man. |
| economics is a science: The Dismal Science Stephen A. Marglin, 2008 See Stephen Marglin on the Future of Capitalism at FORA.tv. Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback--say the barn burned down--neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations. Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered. |
| economics is a science: Economics--Mathematical Politics Or Science of Diminishing Returns? Alexander Rosenberg, 1992 Economics will never be able to move beyond these vague predictions because it treats human behavior - individual and social - as the product of expectations and preferences - beliefs and desires - the variables that cannot be measured independently of the actual choices we want to predict. These factors, combined with the economist's commitment to the search for equilibrium solutions to theoretical problems, condemn economic theory to permanent predictive weakness. In the end, Rosenberg's analysis is not merely a critique. His aim is to redefine the scope and value of neoclassical theory, suggesting that its character and most important accomplishments need to be correctly understood to defend economics against the charge that it is a science of diminishing returns.--BOOK JACKET. |
| economics is a science: Data Science for Economics and Finance Sergio Consoli, Diego Reforgiato Recupero, Michaela Saisana, 2021 This open access book covers the use of data science, including advanced machine learning, big data analytics, Semantic Web technologies, natural language processing, social media analysis, time series analysis, among others, for applications in economics and finance. In addition, it shows some successful applications of advanced data science solutions used to extract new knowledge from data in order to improve economic forecasting models. The book starts with an introduction on the use of data science technologies in economics and finance and is followed by thirteen chapters showing success stories of the application of specific data science methodologies, touching on particular topics related to novel big data sources and technologies for economic analysis (e.g. social media and news); big data models leveraging on supervised/unsupervised (deep) machine learning; natural language processing to build economic and financial indicators; and forecasting and nowcasting of economic variables through time series analysis. This book is relevant to all stakeholders involved in digital and data-intensive research in economics and finance, helping them to understand the main opportunities and challenges, become familiar with the latest methodological findings, and learn how to use and evaluate the performances of novel tools and frameworks. It primarily targets data scientists and business analysts exploiting data science technologies, and it will also be a useful resource to research students in disciplines and courses related to these topics. Overall, readers will learn modern and effective data science solutions to create tangible innovations for economic and financial applications. |
| economics is a science: Economic Theory and Cognitive Science Don Ross, 2007-01-26 In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics—the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities—whether technical improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science. |
| economics is a science: The Limits of Economic Science R.B. McKenzie, 1982-12-31 The essays in this volume were a challenge to me to write. I am an economist to the core, inclined to evaluate most observed behavior and public policies with conventional neoclassical theory. The essays represent my attempt to come to grips with the meaning and importance of what I try to do as a professional economist. They reflect my attempt to acquire a new and improved understanding of the usefulness and limitations of the writings of professional economists, especially my own. In this regard, although I hope others will find the thoughts useful, the volume represents a personal statement of how one economist views his and others' work. For that reason the discussion is often openly normative, tinged with the conviction that social discourse is more than costs and benefits and that economics cannot be fully evaluated by the methods - economic methods - that are the subject of the evaluation. These essays could not have been written without considerable encouragement and help from colleagues and friends. The following people are recognized for having read one or more chapters and for having contributed critical, substantive comments: Diana Bailey, Wilfred Beckerman, Geoffrey Brennan, William Briet, James Buchanan, Delores Martin, David Maxwell, Mary Ann McKenzie, Warren Samuels, Robert Staaf, Richard Wagner, Karen Vaughn, and Bruce Yandle. I am very much in their debt. However, they should not be held accountable for any of the positions taken and any errors that may remain. |
| economics is a science: What’s Wrong with Economics? Robert Skidelsky, 2020-04-28 A passionate and informed critique of mainstream economics from one of the leading economic thinkers of our time This insightful book looks at how mainstream economics’ quest for scientific certainty has led to a narrowing of vision and a convergence on an orthodoxy that is unhealthy for the field, not to mention the societies which base policy decisions on the advice of flawed economic models. Noted economic thinker Robert Skidelsky explains the circumstances that have brought about this constriction and proposes an approach to economics which includes philosophy, history, sociology, and politics. Skidelsky’s clearly written and compelling critique takes aim at the way that economics is taught in today’s universities, where a focus on modelling leaves students ill-equipped to grapple with what is important and true about human life. He argues for a return to the ideal set out by John Maynard Keynes that the economist must be a “mathematician, historian, statesman, [and] philosopher” in equal measure. |
| economics is a science: The Soulful Science Diane Coyle, 2009-12-07 For many, Thomas Carlyle's put-down of economics as the dismal science rings true--especially in the aftermath of the crash of 2008. But Diane Coyle argues that economics today is more soulful than dismal, a more practical and human science than ever before. The Soulful Science describes the remarkable creative renaissance in economics, how economic thinking is being applied to the paradoxes of everyday life. This revised edition incorporates the latest developments in the field, including the rise of behavioral finance, the failure of carbon trading, and the growing trend of government bailouts. She also discusses such major debates as the relationship between economic statistics and presidential elections, the boundary between private choice and public action, and who is to blame for today's banking crisis. |
| economics is a science: What's the Use of Economics? Diane Coyle, 2012 The gap between important real-word problems and the workhorse mathematical model-based economics being taught to students has become a chasm. This book examines what economists need to bring to their jobs, and the way in which economics education in universities could be improved to fit them better for the real world. |
| economics is a science: The Science of Economics Raymond Makewell, 2013-06-01 Based on a three-year course prepared by Leon MacLaren for the School of Economic Science in London in the late 1960s, this book reassesses the first principles of economics. Leon MacLaren (1910–1994) was a barrister, politician, philosopher, and the founder of the School of Economic Science. In his view, science is a study of laws that exist in nature, while economics is a study of the humanities with the interaction between human nature and the natural universe at its heart. With original subject matter from his economic course and introducing more recent examples and statistics from Australia, Canada, New Zealand, the UK, and the United States, the study examines the major characteristics of the modern economy—such as banking, taxation, and international trade—and considers the role of the government in economic affairs. It concludes with an examination of society's structure as a whole, the part economic activity plays in the bigger picture, and the social and cultural influences that shape the production and distribution of wealth. |
| economics is a science: The Economics of Education Steve Bradley, Colin Green, 2020-01-20 The Economics of Education: A Comprehensive Overview, Second Edition, offers a comprehensive and current overview of the field of that is broadly accessible economists, researchers and students. This new edition revises the original 50 authoritative articles and adds Developed (US and European) and Developing Country perspectives, reflecting the differences in institutional structures that help to shape teacher labor markets and the effect of competition on student outcomes. |
| economics is a science: Economics Rules Dani Rodrik, 2015 A leading economist trains a lens on his own discipline to uncover when it fails and when it works. |
| economics is a science: Cogs and Monsters Diane Coyle, 2021-10-12 How economics needs to change to keep pace with the twenty-first century and the digital economy Digital technology, big data, big tech, machine learning, and AI are revolutionizing both the tools of economics and the phenomena it seeks to measure, understand, and shape. In Cogs and Monsters, Diane Coyle explores the enormous problems—but also opportunities—facing economics today and examines what it must do to help policymakers solve the world’s crises, from pandemic recovery and inequality to slow growth and the climate emergency. Mainstream economics, Coyle says, still assumes people are “cogs”—self-interested, calculating, independent agents interacting in defined contexts. But the digital economy is much more characterized by “monsters”—untethered, snowballing, and socially influenced unknowns. What is worse, by treating people as cogs, economics is creating its own monsters, leaving itself without the tools to understand the new problems it faces. In response, Coyle asks whether economic individualism is still valid in the digital economy, whether we need to measure growth and progress in new ways, and whether economics can ever be objective, since it influences what it analyzes. Just as important, the discipline needs to correct its striking lack of diversity and inclusion if it is to be able to offer new solutions to new problems. Filled with original insights, Cogs and Monsters offers a road map for how economics can adapt to the rewiring of society, including by digital technologies, and realize its potential to play a hugely positive role in the twenty-first century. |
| economics is a science: Conservation Charles Perrings, Ann Kinzig, 2021 Charles Perrings and Ann Kinzig address the broad problem of conservation, the principles that inform conservation choices, and the application of those principles to the management of the natural world. Conservation examines how conservation choices are made and demonstrates how decisions of one person or one community at one time or place affect people or communities at other times or places. |
| economics is a science: Economics as Social Science Roberto Marchionatti, Mario Cedrini, 2016-10-14 There is a growing consensus in social sciences that there is a need for interdisciplinary research on the complexity of human behavior. At an age of crisis for both the economy and economic theory, economics is called upon to fruitfully cooperate with contiguous social disciplines. The term ‘economics imperialism’ refers to the expansion of economics to territories that lie outside the traditional domain of the discipline. Its critics argue that in starting with the assumption of maximizing behaviour, economics excludes the nuances of rival disciplines and has problems in interpreting real-world phenomena. This book focuses on a territory that persists to be largely intractable using the postulates of economics: that of primitive societies. In retracing the origins of economics imperialism back to the birth of the discipline, this volume argues that it offers a reductionist interpretation that is poor in interpretative power. By engaging with the neglected traditions of sociological and anthropological studies, the analysis offers suggestions for a more democratic cooperation between the social sciences. Economics as Social Science is of great interest to those who study history of economic thought, political economy and the history of economic anthropology, as well as history of social sciences and economic methodology. |
| economics is a science: The Economics of Artificial Intelligence Ajay Agrawal, Joshua Gans, Avi Goldfarb, Catherine Tucker, 2024-03-05 A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system. |
| economics is a science: The Preconceptions of Economic Science Thorstein Veblen, 2014-05-30 Thorstein Veblen was probably the greatest economist working in early 20th century America. In this treatise, Veblen sets out the preconceptions and uninformed ideas people have when beginning to study the economy, taking each problem and addressing it in turn, hoping to open the readers mind to a better understanding of one of the most difficult and complex problems of the modern world, the economy. We are republishing this work with a brand new short introductory biography of the author. |
| economics is a science: The Inexact and Separate Science of Economics Daniel M. Hausman, 2023-05-31 A comprehensive overview of theoretical economics, its distinctive modeling strategy, applicability, and empirical support. |
| economics is a science: Economic Ideas You Should Forget Bruno S. Frey, David Iselin, 2017-03-08 Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics. |
| economics is a science: The Economics of Scientific Misconduct James R. Wible, 2022-08-18 The Economics of Scientific Misconduct explores episodes of misconduct in the natural and biomedical sciences and replication failure in economics and psychology over the past half-century. Here scientific misconduct is considered from the perspective of a single discipline such as economics likely for the first time in intellectual history. Research misconduct has become an important concern across many natural, medical, and social sciences, including economics, over the past half-century. Initially, a mainstream economic approach to science and scientific misconduct draws from conventional microeconomics and the theories of Becker, Ehrlich, and C. S. Peirce’s economy of research. Then the works of Peirce and Thorstein Veblen from the 19th century point toward contemporary debates over statistical inference in econometrics and the failure of recent macroeconomic models. In more contemporary economics, clashes regarding discrimination and harassment have led to a Code of Professional Conduct from the American Economic Association and a Code of Ethics from one of its members. The last chapter considers research ethics matters related to the COVID-19 pandemic. There has been an explosion of research and some retractions. More generally, a concern with research ethics contributes to scientific progress by making some of its most difficult problems more transparent and understandable and thus possibly more surmountable. This book offers valuable insights for students and scholars of research ethics across the sciences, philosophy of science and social science, and economic theory. |
| economics is a science: Quantum Economics David Orrell, 2018-07-05 A decade after the financial crisis, there is a growing consensus that economics has failed and needs to go back to the drawing board. David Orrell argues that it has been trying to solve the wrong problem all along. Economics sees itself as the science of scarcity. Instead, it should be the science of money (which plays a surprisingly small role in mainstream theory). And money is a substance that turns out to have a quantum nature of its own. Just as physicists learn about matter by studying the exchange of particles at the subatomic level, so economics should begin by analysing the nature of money-based transactions. Quantum Economics therefore starts with the meaning of the phrase 'how much' – or, to use the Latin word, quantum. From quantum physics to the dualistic properties of money, via the emerging areas of quantum finance and quantum cognition, this profoundly important book reveals that quantum economics is to neoclassical economics what quantum physics is to classical physics – a genuine turning point in our understanding. |
| economics is a science: Complexity and the Economy W. Brian Arthur, 2015 A collection of previous published papers by the author on the subject of complexity economics, appearing from the 1980s to the present. |
| economics is a science: Advancing Pluralism in Teaching Economics Samuel Decker, Wolfram Elsner, Svenja Flechtner, 2018-09-03 The complex economic problems of the 21st century require a pluralist, real-world oriented and innovative discipline of economics that is capable of addressing and teaching these issues to students. This volume is a state-of-the-art compilation of diverse, innovative and international perspectives on the rationales for and pathways towards pluralist economics teaching. It fosters constructive controversy aiming to incite authors and commentators to engage in fruitful debates. This volume addresses a number of key questions: Why is it important for a social science to engage in pluralistic teaching? What issues does pluralist teaching face in different national contexts? Which traditions and practices in economic teaching make pluralist teaching difficult? What makes economics as a canonical textbook science particular and how could the rigid textbook system be innovated in a meaningful way? What can we learn from school education and other social science disciplines? Through examining these issues the editors have created a pluralist but cohesive book on teaching economics in the contemporary classroom drawing from ideas and examples from around the world. Advancing Pluralism in Teaching Economics offers a valuable insight into the methodology and application of pluralist economics teaching. It will be a great resource for those teaching economics at various levels, as well as researchers. |
| economics is a science: Ecological Economics Robert Costanza, 1992-07-30 Ecological economics is a new transdisciplinary approach to understanding and managing the ecology and economics of our world for sustainability on local, regional, and global scales. The previous isolation of these two fields has led to economic and environmental policies that have been mutually destructive rather than reinforcing in the long term. This book brings together these two disciplines in chapters covering the basic worldview of ecological economics; accounting, modeling, and analysis of ecological economicl systems; and necessary institutional changes and case studies. |
| economics is a science: Economics, Science and Capitalism Richard Westra, 2022 Various strains of heterodox economics have sought, and largely failed, to dismount orthodoxy from its dominant position. This book critiques the criticizers, explaining why heterodox economics challenges have faltered, and then presents a coherent alternative paradigm of its own. This simultaneously exposes the vacuousness of neoclassical economics, the limitations of heterodox critique and the subverting of Karl Marx's revolutionary economic thought by his own disciples. The book draws in particular on two key intellectual traditions in making its arguments: critical realism and Marxism. From the refounding of critical realist philosophy of science in the hands of Roy Bhaskar, emphasis is placed upon the position that the ontological nature of the object of study determines the form of its possible science. However, in their theoretical constructions, neither orthodox economics nor heterodox economics problematize the unique ontology of capitalism to the detriment of knowledge about the social world. The book maintains that a century of misthinking over Marx's corpus has resulted in a missed opportunity to construct a paradigmatic alternative to orthodox economics. Drawing upon the tradition of the Japanese Uno approach to Marxism, and supported by Bhaskar's development of critical realism as underlaborer for science, the book defends Marx's writing in his monumental Capital as founding an economic science adequate to its ontological object of study. It then elaborates upon how Marxian economic theory exposes the hidden scourges of capitalism and what is required to unleash the potential of this theory for comprehensive analysis of capitalist vicissitudes, the study of economic life in precapitalist societies, and the design of a desperately needed postcapitalist social order. Broadening its appeal as it sets out to reclaim Marx's revolutionary legacy, this original volume critically traverses writings in mainstream and heterodox economics, cutting edge philosophy of science, Marxian political economy and introduces readers to a reconstruction of Marx's Capital engineered in Japan. This provocative book is essential reading for everyone interested in heterodox economics, critical realism, Marxian economics and critiques of capitalism. Richard Westra is University Professor at the Institute of Political Science, University of Opole and Research Coordinator at the Science and Technology Park, Opole, Poland. He has previously taught at universities in Japan, South Korea, Thailand, Canada, The Bahamas and is international Adjunct Professor of the Center for Macau Studies, University of Macau-- |
| economics is a science: How to Write about Economics and Public Policy Katerina Petchko, 2018-07-12 How to Write about Economics and Public Policy is designed to guide graduate students through conducting, and writing about, research on a wide range of topics in public policy and economics. This guidance is based upon the actual writing practices of professional researchers in these fields and it will appeal to practitioners and students in disciplinary areas such as international economics, macroeconomics, development economics, public finance, policy studies, policy analysis, and public administration. Supported by real examples from professional and student writers, the book helps students understand what is expected of writers in their field and guides them through choosing a topic for research to writing each section of the paper. This book would be equally effective as a classroom text or a self-study resource. - Teaches students how to write about qualitative and quantitative research in public policy and economics in a way that is suitable for academic consumption and that can drive public policy debates - Uses the genre-based approach to writing to teach discipline-appropriate ways of framing problems, designing studies, and writing and structuring content - Includes authentic examples written by students and international researchers from various sub-disciplines of economics and public policy - Contains strategies and suggestions for textual analysis of research samples to give students an opportunity to practice key points explained in the book - Is based on a comprehensive analysis of a research corpus containing 400+ research articles in various areas of public policy and economics |
Economics as a science: understanding its procedures and the ...
The paper clarifies economics’ status as a science, using as an empirical base the most-cited textbooks in microeconomics and macroeconomics (Varian, 2010 and Blanchard and Fischer, …
Economics as a science - JSTOR
If today, economics can transform itself into a science, there are four principal reasons: - In the first instance, economists are in a position to construct theories whose logical coherence can …
Is Economics a Science? Well, Not Yet. - Ricardo Dahis
Economists use the vocabulary of science: words like theory, data and experiments are used in everyday discourse and practice. Economic theories are full of math and rigor, and genuine …
Economics, Science, and Knowledge: Polanyi vs. Hayek
The relationship between Friedrich Hayek and Michael Polanyi is documented and explored with respect to philosophy and economics. Their respective positions on epistemology and science …
The Inexact and Separate Science of Economics
Is economics a science? What distinguishes it from other sciences, both natural and social? Like many of the natural sciences, its theories are mathematically complex. Yet, like the social …
Yes, Economics Is a Science - NYTimes - Abdul Latif Jameel …
Oct 20, 2013 · Yes, Economics Is a Science By RAJ CHETTY CAMBRIDGE, Mass. — THERE’S an old lament about my profession: if you ask three economists a question, you’ll get three …
WHAT KIND OF (SOCIAL SCIENCE IS ECONOMICS - Dani Rodrik
• Models are key to the “scientific” nature of economics • understand complex social reality by laying bare a very large variety of causal relationships, one at a time • Economics advances …
Is Economics a Natural Science? - sites.tufts.edu
Oct 4, 2019 · GDAE Working Paper No. 04-03: Is Economics a Natural Science? 1 Introduction Robert Heilbroner, in the final chapter of the most recent edition of The Worldly Philosophers, …
ECONOMICS OF SCIENCE - Art Diamond
The economics of science aims to understand the impact of science on the advance of technology, to explain the behavior of scientists, and to understand the efficiency or …
How Economics Shapes Science - Nature
chapter shows the ways in which science depends on costs, resources and incentives; science is not simply puzzle-solving occurring in a political and economic vacuum.
The Evolution of Economics: Where We Are and How We Got …
There are three key features of contem-porary economics: First, economics has refocused its energies on the “big questions” of political economy and, closely related, is increasingly turning …
Comments on Economic Models, Economics, and Economists: …
The essay comments on some of the major issues in contemporary economics exam-ined in the book: whether economics is a science, the meaning of economic models, the nature of “facts” …
Economics as a Science - Springer
For example the first question, the topic of this chapter, asks: Is economics a science? The answer is given within a framework which puts emphasis on sciences as social systems, that …
Is economics a science? Should economics be rigorous?
Many mainstream economists (e.g., Lucas, Cochrane) claim that the characteristics of a “science” require rigor, consistency, and mathematics. So if economics is to be a science it must display …
Chapter #1: What Is Economics? - areweb.berkeley.edu
Chapter #1: What Is Economics? Economics analyzes and evaluates what people produce and consume; the patterns of trade (what is bought and sold and at what price); and how time is …
ECONOMICS AS A SOCIAL SCIENCE: APPROACH, …
ECONOMICS AS A SOCIAL SCIENCE: APPROACH, APPLICATIONS AND INTERDISCIPLINARITY The Economic View of Human Beings A New Development During …
Is economics a science? - paecon.net
After more than a century of near-complete hegemony of the neoclassic paradigm in the academy, we take it for granted that economics, as it is nowadays practised, is a science in …
The Origins of Lionel Robbins’s Essay on the Nature and …
Howson/Robbins’sNatureandSignificance 417 hisinterestinpoliticsandpoliticalphilosophythathehadacquireddur …
The Economics of Science - JSTOR
First and most important, science is a source of growth. The lags between basic research and its economic consequences may be long, but the economic impact of science is indisputable. …
Is Economics a Natural Science? - JSTOR
Defining economics as the study of rational choice, neoclas- sical economics treats human physical bodies, their needs, and their evolved actual psychology of thought and action as …
Economics as a science: understanding its procedures and …
The paper clarifies economics’ status as a science, using as an empirical base the most-cited textbooks in microeconomics and macroeconomics (Varian, 2010 and Blanchard and Fischer, …
Economics as a science - JSTOR
If today, economics can transform itself into a science, there are four principal reasons: - In the first instance, economists are in a position to construct theories whose logical coherence can …
Is Economics a Science? Well, Not Yet. - Ricardo Dahis
Economists use the vocabulary of science: words like theory, data and experiments are used in everyday discourse and practice. Economic theories are full of math and rigor, and genuine …
Economics, Science, and Knowledge: Polanyi vs. Hayek
The relationship between Friedrich Hayek and Michael Polanyi is documented and explored with respect to philosophy and economics. Their respective positions on epistemology and science …
The Inexact and Separate Science of Economics
Is economics a science? What distinguishes it from other sciences, both natural and social? Like many of the natural sciences, its theories are mathematically complex. Yet, like the social …
Yes, Economics Is a Science - NYTimes - Abdul Latif Jameel …
Oct 20, 2013 · Yes, Economics Is a Science By RAJ CHETTY CAMBRIDGE, Mass. — THERE’S an old lament about my profession: if you ask three economists a question, you’ll get three …
WHAT KIND OF (SOCIAL SCIENCE IS ECONOMICS - Dani …
• Models are key to the “scientific” nature of economics • understand complex social reality by laying bare a very large variety of causal relationships, one at a time • Economics advances …
Is Economics a Natural Science? - sites.tufts.edu
Oct 4, 2019 · GDAE Working Paper No. 04-03: Is Economics a Natural Science? 1 Introduction Robert Heilbroner, in the final chapter of the most recent edition of The Worldly Philosophers, …
ECONOMICS OF SCIENCE - Art Diamond
The economics of science aims to understand the impact of science on the advance of technology, to explain the behavior of scientists, and to understand the efficiency or …
How Economics Shapes Science - Nature
chapter shows the ways in which science depends on costs, resources and incentives; science is not simply puzzle-solving occurring in a political and economic vacuum.
The Evolution of Economics: Where We Are and How We Got …
There are three key features of contem-porary economics: First, economics has refocused its energies on the “big questions” of political economy and, closely related, is increasingly turning …
Comments on Economic Models, Economics, and Economists: …
The essay comments on some of the major issues in contemporary economics exam-ined in the book: whether economics is a science, the meaning of economic models, the nature of “facts” …
Economics as a Science - Springer
For example the first question, the topic of this chapter, asks: Is economics a science? The answer is given within a framework which puts emphasis on sciences as social systems, that …
Is economics a science? Should economics be rigorous?
Many mainstream economists (e.g., Lucas, Cochrane) claim that the characteristics of a “science” require rigor, consistency, and mathematics. So if economics is to be a science it must display …
Chapter #1: What Is Economics? - areweb.berkeley.edu
Chapter #1: What Is Economics? Economics analyzes and evaluates what people produce and consume; the patterns of trade (what is bought and sold and at what price); and how time is …
ECONOMICS AS A SOCIAL SCIENCE: APPROACH, …
ECONOMICS AS A SOCIAL SCIENCE: APPROACH, APPLICATIONS AND INTERDISCIPLINARITY The Economic View of Human Beings A New Development During …
Is economics a science? - paecon.net
After more than a century of near-complete hegemony of the neoclassic paradigm in the academy, we take it for granted that economics, as it is nowadays practised, is a science in …
The Origins of Lionel Robbins’s Essay on the Nature and …
Howson/Robbins’sNatureandSignificance 417 hisinterestinpoliticsandpoliticalphilosophythathehadacquireddur …
The Economics of Science - JSTOR
First and most important, science is a source of growth. The lags between basic research and its economic consequences may be long, but the economic impact of science is indisputable. …
Is Economics a Natural Science? - JSTOR
Defining economics as the study of rational choice, neoclas- sical economics treats human physical bodies, their needs, and their evolved actual psychology of thought and action as …
