1/OK, here is a thread for econ critics.
Sweeping criticism of the econ profession - especially of the type published in British newspapers - continue to focus on macroeconomic forecasting.
For example:
theguardian.com/news/2017/jul/…
theguardian.com/commentisfree/…
telegraph.co.uk/business/2017/…
Sweeping criticism of the econ profession - especially of the type published in British newspapers - continue to focus on macroeconomic forecasting.
For example:
theguardian.com/news/2017/jul/…
theguardian.com/commentisfree/…
telegraph.co.uk/business/2017/…
2/I continue to receive regular tweets, blog comments, and the occasional email from people who tell me that economists are charlatans because of the failure to predict the 2008 crisis.
3/But even a cursory glance at the #ASSA2018 hashtag, which displays presentations and papers from the biggest econ convention, will show that most economists are NOT doing what the critics seem to think they're doing.
For example...
For example...
6/Here are economists studying inventors, including the effects of race and gender.
aeaweb.org/conference/201…,,
aeaweb.org/conference/201…,,
11/Here are economists studying the link between wages and company size.
12/Here are economists studying race, education and crime.
13/Here are economists studying automation and the future of jobs.
14/Here are economists studying consumer financial behavior.
15/Here are economists studying wage stagnation.
16/Here are economists studying alternative ways to measure human well-being.
17/Here are economists studying inequality and its relation to global growth.
18/Here are economists studying the history of inequality.
19/Here are economists studying multiple types of inequality.
20/OK, enough. If you want more, check out the #ASSA2018 hashtag or the conference program (which has downloadable abstracts and papers): aeaweb.org/conference/201…
I think I've made my point.
I think I've made my point.
21/Macroeconomic forecasting is only a tiny, tiny piece of what economists do.
Even the study of recessions itself is only a small piece of the profession.
Even the study of recessions itself is only a small piece of the profession.
22/The whole shtick of calling economics a pseudoscience, charlatanic, etc. based on failed macro forecasts is wearing very thin.
23/British newspapers like the @guardian and the @Telegraph need to stop publishing these blanket denunciations of the economics profession that are focused on macro, or macro forecasting.
It's just getting ridiculous.
It's just getting ridiculous.
24/Also, note that the #ASSA2018 papers I cited (and a great many of those I didn't cite!) give the lie to several other standard criticisms of econ, for example:
* econ assumes perfect rationality
* econ doesn't care about inequality
* econ doesn't care about happiness
etc.
* econ assumes perfect rationality
* econ doesn't care about inequality
* econ doesn't care about happiness
etc.
25/There are legitimate criticisms to be made of the econ profession - sexism, too much inclusion of pointless theory sections in papers, publication bias, bad benchmark models in some fields, etc. etc.
But the standard Guardian/Telegraph-style broadside should go extinct now.
But the standard Guardian/Telegraph-style broadside should go extinct now.
26/If you're going to criticize econ, criticize the real thing, not the typical, worn-out, inaccurate caricature.
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