1/Today's post is a list of ways that economics should change in the 2020s.
It's NOT a comprehensive list. Just a few highlights.
bloomberg.com/opinion/articl…
It's NOT a comprehensive list. Just a few highlights.
bloomberg.com/opinion/articl…
2/Yesterday I wrote about some ways that econ changed in the 2010s. Most of the changes have been very good.
But much more remains to be done!
bloomberg.com/opinion/articl…
But much more remains to be done!
bloomberg.com/opinion/articl…
3/First, economics education needs to change.
Even as the field has evolved dramatically, many textbooks and courses are stuck in the 1980s.
That needs to change.
Even as the field has evolved dramatically, many textbooks and courses are stuck in the 1980s.
That needs to change.
4/Next, econ culture needs to become less aggressive, bullying, shouting, and dickish.
5/Third, econ publishing should no longer be dominated by five journals.
6/Macroeconomics needs to go back to the drawing board. It needs to become more empirical, more willing to discard models when they don't agree with evidence, more insistent on getting the *right* microfoundations.
7/Economists need to investigate the reasons why workers don't adjust well to shocks - and how to address the problem.
8/Economists can also help policymakers design better welfare states for the 21st century. More research attention should be paid to universal programs like UBI. And the question of cash vs in-kind benefits remains unanswered.
9/And economists need to spend a lot more time studying comparative economic systems. The old "capitalism vs socialism" dichotomy just doesn't cut it anymore. Countries are devising all new systems, and they need to be understood.
10/These are not the only ways econ needs to change (feel free to suggest your own!). But it's a start.
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bloomberg.com/opinion/articl…
(end)
bloomberg.com/opinion/articl…
