06 December 2011

How to think

via Tyler, a great quote from an essay on the culture of economics by Raquel Fernandez.
Economists essentially have a sophisticated lack of understanding of economics, especially macroeconomics. I know it sounds ridiculous. But the reason why I tell people they should study economics is not so they’ll know something at the end—because I don’t think we know much—but because we’re good at thinking. Economics teaches you to think things through. What you see a lot of times in economics is disdain for other’s lack of thinking. You have to think about the ramifications of policies in the short run, the medium run, and the long run. Economists think they’re good at doing that, but they’re good at doing that in the sense that they can write down a model that will help them think about it—not in terms of empirically knowing what the answers are.
This is why I so instinctively trust economists. Even if I disagree with them or think they are too right-wing, they can usually be relied upon to have thought things through.

1 comment:

Post a Comment