Tuesday, June 18, 2013

Economic Science: objective guidance or articles of faith.

"I wanted to understand the extent to which empirical economic research can provide objective guidance for policy — and at what point even brilliant, highly trained economists resort to articles of faith"

Pretty great quote from my favorite economics reporter using a amicable debate btween Larry Summers and Glenn Hubbard to answer pretty much the above question. I do think most of economics research is objective and non-partisan. The problem is on the really big macro questions, about what causes long term unemployment or entrepreneurship or debt crises or growth, the economics research just doesn't know. And at that point, all that is left is judgment and faith.
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