by Mario Rizzo What is the economic justification for using tax money to subsidize the production of economic research? The standard answer is that academic economists produce a public good. In other words they produce knowledge for which they do not charge and for which it is not feasible to exclude non-payers. Let’s accept this … Continue reading Is Economics a Public Good? How Would We Know?
by Mario Rizzo Once upon a time, in a land far away from New York civilization, a famous economist told a good friend of mine that "we" need more scientists and fewer scholars in the economics profession. He was serious. This is the time of year that many Ph.D. dissertations are being defended in graduate departments of economcs. … Continue reading More Scholarship, Less “Science”
by Jerry O’Driscoll In the “Annals of Science,” Jonah Lehrer asks “is there something wrong with the scientific method?” He poses the question in an article entitled “The Truth Wears Off” in the December 13, 2010 issue of The New Yorker (pp. 52-57). The problem is that across disciplines “claims that have been enshrined in … Continue reading What is Truth in Science?
by Mario Rizzo I don’t know where Brad DeLong acquired his philosophy of economics. DeLong responded to an article by Jean-Claude Trichet, president of the European Central Bank, on “austerity.” The following is part of what the Financial Times edited out of the published version. DeLong posted it on his blog. He says there are two types … Continue reading The Amazing Brad DeLong