Thursday, November 04, 2010

Two honest economists

I highly recommend this podcast discussion between Russ Roberts and John Quiggin (of Crooked Timber) about Quiggin's recent book Zombie Economics. Both parties did a good job of putting aside priors and having an enlightening conversation. Quiggin argues that many economic theories such as the Great Moderation, the efficient markets hypothesis and others have been discredited by recent events and should be relegated to the graveyard.

I think at one point both participants agreed that (or at least entertained the idea that) economics doesn't make progress like a real science. Probably too strong a critique, but at least very honest.

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