Ten Commandments each for Economists and Non-Economists

Follow us on FACEBOOK @ Liveloveeconomics Ten Commandments each for Economists and Non-Economists Dani Rodrik, a Ford Foundati...



Follow us on FACEBOOK @Liveloveeconomics

Ten Commandments each for Economists and Non-Economists


Dani Rodrik, a Ford Foundation professor of international political economics, John F. Kennedy school of Government, Harvard University, in his book, wrote 10 commandments each for economists and non-economists.


Points worth preserving on the teaching he gave about his book and are still relevant today:


1.       Economists don’t create new (better) models to replace old(less-appropriate) models but expand the old ones.


2.       What Economists need to create a model, is useful abstraction and useful simplification not complication and complexity.


READ ALSO - BEAUTY WITH BRAINS : INTERVIEW WITH A FIRST CLASS STUDENT OF ECONOMICS.


3.       Most economists get it wrong on the notion of the kind of science that they study. They believe that some models works better and others don’t. Economics is not advance by such vertical process of every model becoming a better approximation of reality. It’s actually a horizontal model of having a library of models.


4.       In economics, there is no question to which the right answer is not ‘it depends’.


5.       The craft of economics is the ‘causal effect’.


Dani Rodrik’s Blog Post - Ten Commandments for Economists and for non-Economists.

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