Senator Margaret Chase Smith stands up to Senator Joe McCarthy People make choices among alternatives, and they can't know the future. So they can anticipate that each option they face usually presents risks, but they can't always anticipate those risks. Certainly they can't guarantee that by pushing this button the desired outcome will happen; rather, …
Who made economics?
The discipline of economics has a high level of intellectual status, even hegemony, in today’s social sciences — especially in universities in the United States. It also has a very specific set of defining models and theories that distinguish between “good” and “bad” economics. This situation suggests two topics for research: how did political economy …
Poverty and economics
How important should the subject of poverty be within the discipline of economics? Some economists appear to think it is a very small issue compared to the magnificent mathematics of general equilibrium theory. Others believe that economics should fundamentally be about the sources of human well-being and misery, and that understanding poverty is absolutely fundamental …
Value-free economics?
A recent volume by Vivian Walsh and Hilary Putnam, The End of Value-Free Economics, brings to a fine point a line of argument that has been brewing for fifteen years: is the logical positivist insistence on separating "fact-based" science from "value-based" ethics any longer a tenable one? Most particularly, are there now compelling reasons for declaring that …
Economics and the historian
What are some of the important ways in which economic analysis is pertinent to historical research and explanation? This was the topic of a cutting-edge collection edited by Tom Rawski over ten years ago (Economics and the Historian), and it is still a unique contribution. Rawski is a good historian of China and a good …
Alternative economists
Traditional neoclassical economics has missed the mark quite a bit in the past two years. There is the financial and banking crisis, of course; neoclassical economists haven't exactly succeeded in explaining or "post-dicting" the crisis and recession through which we've traveled over the past year and more. But perhaps more fundamentally, neoclassical economics has failed …
