This material is reproduced from:
sanity, humanity and science
real-world economics review
Formerly the post-autistic
economics review - ISSN 1755-9472
Subscribers:
11, 312 from over 150 countries
(Back issues at
www.paecon.net or
at The
Róbinson Rojas Archive )
Issue no. 47, 3 October 2008:
What would a scientific economics look like?
Peter Dorman
Sciences are loosely characterized by an agenda to describe the mechanisms by
which observable outcomes are brought about and the privileging of propositions
that have been demonstrated to have negligible risk of Type I error. Economics,
despite its pretensions, does neither of these and should not be regarded as scientific
in its current form. Its subject matter, however, is no more recalcitrant to scientific
procedures than that of many other fields, like geology and biology. The benefit of
bringing economics into greater conformity with other sciences in its content and
method would be twofold: we would be spared the embarrassment of unfounded dogma,
and over time economics could assemble an ever larger body of knowledge capable
of being accepted at a high level of confidence. A scientific economics would
take Type I error far more seriously, would study mechanisms rather than a
succession of states, would be more experimental and would attach greater
value to primary data collection.
Sen’s economic philosophy:
The revival of economics as a moral science
L. A. Duhs
New thinking on poverty
Paul Shaffer
The financial crisis
How far could the US dollar fall?
Jacques Sapir
What’s in a number? The importance of LIBOR
Donald MacKenzie
Progressive conditions for a bailout
Dean Baker
Comment
- Editor’s note
The paper by Helen Johns and Paul Ormerod, “The unhappy thing about happiness economics“,
that appeared in the last issue of this journal has attracted an uncommonly large number of
readers. In addition to downloads of the whole issue, Johns and Ormerod’s paper has to date
been downloaded over 12,000 times, more than twice the average rate. Given this strength of
interest and the paper’s strong and consequential thesis, a dozen leading practitioners of
happiness economics have been approached, offering them a chance to reply. So far none have
ventured forth. If there is any economist out there who feels capable of rebutting all or
part of Johns and Ormerod’s arguments, then a space awaits them in this journal.
“A XXI-century alternative to XX-century peer review” by Grazia Ietto-Gillies in issue no. 45.
Comments: Donald W Braben, Roland Fox, Stevan Harnad,
Marco Gillies, Paul Ormerod, Menakhem Ben-Yami
Rejoinder: Grazia Ietto-Gillies
Regarding articles by Margaret Legum and Jim Stanford
Economic freedom is negative liberty
Joshua C. Hall, Robert A. Lawson and Will Luther
Two recent articles in this journal by Jim Stanford and the late Margaret Legum
strongly condemn the measurements of economic freedom published by the Fraser
Institute and the Heritage Foundation.1 As researchers associated with the Frasier
Institute’s Economic Freedom of the World (EFW) index we feel that it is necessary to
address some issues raised by their commentaries as they relate to the EFW index.
Both Legum and Stanford believe that the problem with these indexes is that they
are pro-business indexes that ignore normal, regular people. In the critical words
of Stanford, the indexes say “what is good for investors and employers, is good for everyone.”
Opinion
Rejoinder: “Economic freedom”
Jim Stanford
In their response to critiques of their measurement of economic “freedom”,
Joshua C. Hall, Robert Lawson, and Will Luther have done us a favour in
laying bare the extreme libertarian philosophies which underpin their work.
The Economic Freedom of the World project (an international initiative
coordinated by Canada’s right-wing Fraser Institute) attempts to quantify a
highly neoclassical conception of freedom: namely, the extent to which economic
agents (investors, entrepreneurs, workers, and consumers) are free from
interference or constraint from government regulations, taxes, collective
bargaining, or other intrusions. As Hall et al. explain, this conception
is a nominally neutral conception of “negative liberty”: that is, it measures
the extent to which individual agents are not interfered with. But it captures
no positive rights which individuals may claim in the economic sphere – such as
the right to employment, the right to a basic standard of living, or the right
to organize a union and bargain collectively.
If it ain’t broke, don’t fix it… Post autism and political correctness
Benjamin H. Mitra-Kahn
When the going gets tough, economists go very quiet
Simon Jenkins
Real-World Economics Review Blog http://rwer.wordpress.com/
Real-World Economics Review on Twitter http://twitter.com/RealWorldEcon
Topics
Ecological
Economics -
Heterodox
Economics - Pluralism -
Development
|