http://organizationsandmarkets.com/2006/04/29/is-economics-losing-its-spine/ Economics of organizations, strategy, entrepreneurship, innovation, and more Sat, 26 May 2012 19:17:54 +0000 hourly 1 http://wordpress.com/ http://organizationsandmarkets.com/2006/04/29/is-economics-losing-its-spine/#comment-513 Mon, 26 Jun 2006 18:32:17 +0000 https://organizationsandmarkets.wordpress.com/2006/04/29/is-economics-losing-its-spine/#comment-513 [...] Is this a bad thing? On the one hand, it must be admitted that prior attempts to tackle the “big questions” were not entirely successful. (Consider the Keynesian macro models of the 1960s and 1970s — Resquiat in Pacem!) On the other hand, as contemporary microeconomic theory has become more flexible and realistic, better able to explain a variety of empirical phenomena, it has arguably become too elastic, and may even be “losing its spine,” as Nicolai has argued. (The Folk Theorem doesn’t quite say that “anything goes,” but it comes awfully close.) Bright young scholars such as Steve Levitt, Austan Goolsbee, Matt Rabin, and Tyler Cowen do a terrific job illuminating various facets of everyday life, but their interests seem far removed from those that occupied earlier generations of economists. [...]

]]> http://organizationsandmarkets.com/2006/04/29/is-economics-losing-its-spine/#comment-172 Fri, 26 May 2006 06:51:13 +0000 https://organizationsandmarkets.wordpress.com/2006/04/29/is-economics-losing-its-spine/#comment-172 [...] Economists have relaxed much of the central core, but that is different from breaking with core propositions.  However, given time economists may relax so much of the core (e.g., along these lines) that something results. However, I don't believe we are there yet. [...]

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