tag:blogger.com,1999:blog-4159906646513306121.post2544335153017228264..comments2023-11-19T20:38:50.237-08:00Comments on Economic Logic: Are economists not humble enough?Economic Logicianhttp://www.blogger.com/profile/10171296292101248614noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-4159906646513306121.post-57041248980915993292011-12-14T12:22:15.350-08:002011-12-14T12:22:15.350-08:00This article in the American Scientist tears apart...<a href="http://www.americanscientist.org/issues/id.14344,y.0,no.,content.true,page.3,css.print/issue.aspx" rel="nofollow">This article</a> in the American Scientist tears apart some of the certitudes Steven Levitt has expressed in his works as editor of the JPE or in his popular books. This is someone who was not humble, but got greatly rewarded in the public opinion and probably his pocketbook.Kansannoreply@blogger.comtag:blogger.com,1999:blog-4159906646513306121.post-39291800792874657142011-12-10T09:17:57.178-08:002011-12-10T09:17:57.178-08:00TJ: What we observe is the result of a substantial...TJ: What we observe is the result of a substantial selection bias. Humble economists are simply not selected for studies and interviews, precisely because their are humble. <br /><br />I think I am humble, and I consistently refuse interview requests precisely because I know what will be expected from me, and I do not want to prostitute myself.Kansannoreply@blogger.comtag:blogger.com,1999:blog-4159906646513306121.post-34663432173489014802011-12-10T08:20:34.372-08:002011-12-10T08:20:34.372-08:00TJ, I am not disagreeing. But Kansan's point i...TJ, I am not disagreeing. But Kansan's point is very valid. There will always be an economist, or someone who pretends to be one, who is not going to be humble, and this is the one the journalists will be flocking to. The only solution here would be to regulate the profession and certify economists, <a href="http://economiclogic.blogspot.com/2008/08/should-economists-be-certified.html" rel="nofollow">as I have written about</a> before.Economic Logicianhttps://www.blogger.com/profile/10171296292101248614noreply@blogger.comtag:blogger.com,1999:blog-4159906646513306121.post-56215832784030399892011-12-10T06:28:43.497-08:002011-12-10T06:28:43.497-08:00" but I do not think this is the fault of the..." but I do not think this is the fault of the economists, but rather of the public consuming economic research"<br /><br />I disagree with this.<br /><br />"In short, I think the problem has less to do with the economists than with the readership."<br /><br />Again, I disagree.<br /><br />First off: the *public* doesn't consume the output of the professional economics industry. Politicians and policymakers do. Journalists and opinion columnists do. Politicians convert economic theories into practice, and journalists translate economic theories into articles that are then consumed by the public. It isn't the public's fault that their rulers have been sold dud policies.<br /><br />If politicians and policymakers demand levels of precision that economists know that they cannot provide then it is the responsibility of the *economists* to explain to the politicians and policymakers that it is better to be roughly right than precisely wrong. If a theory really doesn't provide certain answers then economists should make this clear to the politicians.<br /><br />If journos want precision and certainty so they can sell newspapers then, again, it is the responsibility of the economics profession to explain what one can be certain about and what one can't be certain about.<br /><br />Or to put it another way: I'm an engineer. Imagine I design an electronic appliance that electrocutes one in every thousand people who uses it, because I neglected to include an earth wire. When I'm hauled before a judge to explain myself, I can't very well say:<br /><br /> "Oh it's all the public's fault, the lack of an earth wire is clearly visible on the circuit diagram on the inside of the casing."<br /><br />If economists want to be taken seriously ever again they need to take some responsibility for their work and be honest. And yes, be humble.TJhttps://www.blogger.com/profile/00095813897930533591noreply@blogger.comtag:blogger.com,1999:blog-4159906646513306121.post-11022687438946909442011-12-08T11:10:10.979-08:002011-12-08T11:10:10.979-08:00It is all good and nice if they resist more, but t...It is all good and nice if they resist more, but there is always going to be one who will be willing to state things without reservations, and this is the one the media, the policy people and the general public will flock to.Kansannoreply@blogger.comtag:blogger.com,1999:blog-4159906646513306121.post-29450063663659191212011-12-08T08:53:52.740-08:002011-12-08T08:53:52.740-08:00I guess your point came summarized as: the readers...I guess your point came summarized as: the readers force economists in not being humble. Well, economists could try to resist more.Vilfredonoreply@blogger.com