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Mark Blaug, "Ugly Currents in Modern Economics" Modern economics is increasingly disconnected from the real economic world and, as such, has little to contribute to public policy. The author outlines the origins of this trend, with particular reference to general equilibrium theory, game theory and macroeconomics. He is not optimistic the economics profession will make itself more relevant in the near future. Lester C. Thurow, "The Strengths and Weaknesses of Economists" Economists have strengths and weaknesses. It is important to be clear about those strengths and weaknesses if we are to make a fair assessment of what economics can and should contribute to policy. Robin Boadway, "Economic Theory Dictates a Rethinking of Policy" Although it is not always readily apparent, fundamental economic research can still have very important implications for public policy. The author makes this point, drawing on the example of the work of last year’s Nobel Prize winning economists Mirrlees and Vickrey. Daniel M. Hausman and Michael S. McPherson, "Beware of Economists Bearing Advice" Welfare economics vulgarizes the problems of policy making by limiting its concerns the enhancement of well-being and by its distorted identification of well-being with the satisfaction of preferences. It is important for policy makers to understand these limitations in assessing policy recommendations made by welfare economists. Thomas Mayer, "On the Usefulness of Economics" There is far more agreement among economists about economic questions than the public appreciates. Much of the apparent disagreement is not about economic issues, but about associated values and political or sociological dimensions. There has, however, been a distortion of research priorities within academic economics, with too much emphasis on formal models and sophisticated mathematical techniques. Mark Setterfield, "Are Academic Economists Concerned About Public Policy?" Economics used to be concerned with public policy but this is less and less the case, largely because economists spurn the historical, insitutional and socio-political knowledge needed to make their work relevant to policy. Economics has devolved into a game played according to internally defined rules that are divorced from the needs of successsful applied policy analysis. Jack Mintz, "Economists Are Relevant And Could Be More So" Although economists are criticized for the highly technical nature and seeming irrelevance of their work, economics has nonetheless had a powerful influence over policy in this decade. The author outlines four broad ways in which economists contribute to public policy analysis and what they need to do to improve their contribution. Jon Mulberg, "Economics: Who Needs It?" Orthodox economics has little practical value for policy analysis. The two basic propositions upon which it is based -- an emphasis on objective, empirical science, and the belief in "rational economic man" -- are contradictory and this contradiction cuases immense problems for the discipline. David Longworth , "Economics at the Central Bank" Economics, economic models and econometrics are alive and well at central banks. The authors outlines the role that is played by economics in central banks, and how those particular challenges such as uncertainty are handled. David Mayes, "The New Zealand ‘Experiment’: Using Economic Theory to Drive Policy" The economic policies adopted by New Zealand, and the way those policies were adopted, were largely dictated by economic theory. This was particular so with respect to Monetary Policy and the approach now taken by the Reserve Bank of New Zealand to ensure inflation targets are met. Alex McLeod, "Government Deficits and Debt: Their Cause and Cure" Government deficits and debt have not been caused by big spending governments but by a wrong-headed approach to fighting inflation. An alternative approach to fighting inflation would allow us to get the Canadian economy working closer to full employment again, without fueling inflation and without increasing government deficits. C. Lloyd Brown-John, "Self-Determination and Separation" The author looks at what guidance international law is likely to provide in determining whether, and under what conditions, Quebec will have a right to self-determination. Although international law provides some recognition of the right of national self-determination, that right applies only under certain conditions. That right can easily be in conflict with international recognition of territorial integrity. |
