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Thursday, December 16, 2010

More on Deirdre McCloskey and thinking about economics (without equations)

I've taken to reading her book, "How to be Human *Though an Economist."
It's amazing, and I find myself agreeing with much of her sentiment.  In the book she offers up a letter she wrote to a graduate student that was quickly becoming disillusioned with the profession.   McCloskey's basic answer is to 'buck up and bare it, and then when you graduate, change the profession.'

I've been thinking on this.  Given the economics (mainstream) profession is in complete disarray and destined for futility in its general form, which sadly I think it is, how can we change this - how can we alter its future?


The fact that there might not be an answer scares me.  The fact that there might not be an answer is why I haven't and don't intend to pursue a Phd. in Economics.  McCloskey doesn't have the answer - she has the hope, but not the answer.

Consider:
let's say I, or some disillusioned grad student, make it through Phd dissertations etc. and become a full-time faculty-tenure-track economist.  That is not the answer.  Because now, with few exception, my bosses are 'let's run this equation to fix the world despite not knowing what the world is about'-style economists.   The vast majority of schools around the world, and particularly in the US have this problem.  Coupled with academia's 'boy's club' way of being able to publish research - this does not lend itself to true, useful, meaningful, what McCloskey would call "ethical" scientific analysis.

So, the individual person can't change the profession - the barriers to change are too great.  The institutions themselves are unlikely to change.  Why?  One, again since its all one big boy's club, it's best to not rock the boat.  But more importantly, economics has become largely invaded by ideologues who form opinions first and then conduct analysis regardless of the real world.  Part of that ideology is to 'support' the business class no matter the theory.  It's a simple equation really.  unethical, pandering economic analysis today + money and other non-pecuniary support from the business elite = unethical, pandering economic analysis tomorrow.

So, you may ask if individual students, professors and institutions can't change economics, perhaps the business community can?  But why?  Quid pro quo Clarisse.

Who then, what then, is left?

The government?  Doubtful.  The lay-person?  Hardly.

I fear my friends we are in a catch-22.  I can't see the light.  More importantly, I can't see a WAY to find the light.

I invite your opinions - and if you are of the opinion that the mainstream economics profession is on sound solid ground - then I'm afraid you are delusional.

7 comments:

Nathan Tankus said...

i think you throw off the lay person to easily. the lay person has an incredible ability to process information when motivated to and put in the right setting (ie not our current education system). people involved in the Montgomery boycott and other civil rights era protesting had to absorb lots of information to successfully organize and pursue effective policies;and they did. has the lay person always been more perceptive then we think? probably not. but that is different then saying they are capable of it. at the most trying times in American history, when people were most organized, they were an amazing intellectual force (abolition movement, protests in the 1890's and 1900's, the 1930's etc). misdirected intelligence or ignorance is not the same as stupidity.

Garth A Brazelton said...

I hope your optimism proves true.

Unknown said...

Dears,

The way to change economics is to do excellent scientific research on the economy. That does not mean doing what everyone else does. Roughly half of the Nobel Memorial prizes in economics were given to people who ventured into new and often unpopular ways of doing economic science (I detail the observation in an essay in How to Be Human). Thus Vernon Smith and experimental economics, Robert Fogel and historical economics, even Milton Friedman and monetary economics. So be of good cheer---in this season---and keep trying to figure out what's happening in the grocery store and the market for plumbers.
Regards,
Deirdre McCloskey

Garth A Brazelton said...

Deirdre,
I'm flattered and appreciative you've commented on my post! I actually was thinking of emailing you anyway - specifically about any words of wisdoms an intro college-level econ instructor like myself should be imparting on the future of the study. Lucky for me your comment provides a bit of an answer.

As I'm sure you can understand, it's often times a conflicting and odd feeling to teach economics today with ones own misgivings about aspects of the econ teaching profession - students, particularly now-a-days - just seem to shrug off textbook economics as some sort of witch-doctory. The problem is I find myself in part agreeing with their assessment.

I think you are right that we should in some sense be of good cheer. There are still many, like yourself, in economics (no matter the particular economic philosophy) that are carrying on with interesting, real, analysis and thought.

Anyway, I'm rambling. Your little pocket book "Economical Writing" was how I was first introduced to you in grad school. It's such a useful book - particularly in the econ field where people are sometimes not socialized enough to talk let alone write (not that I'm all that good at either). I look forward to continue hearing your voice, and fully intend to read your new volumes you have coming out as well.

Thanks again.

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