mercredi 11 mars 2009

a good remark from dani rodrik

"The economics profession doesn't take an argument seriously until the argument can be laid out with a well-specified model that respects accepted standards of modeling.[...] Maybe the problem is with those standards of modeling, but other fields within economics have been much more willing to adapt themselves to behavioral thinking, or the fact of missing markets, or the role of market failures. So what is wrong with macroeconomists?"

I would say this is a good remark from Dani Rodrick. I really admire theoreticians that are consistent with their beliefs whatever happens. If not they may lose credibility (like politicians migrating from a party to another). But, I suppose in crisis times, being flexible and balanced is an attitude to appreciate, even if this in-between approach may lead sometimes to rather not concrete solutions. And this openness does not mean moving from a fervent free-markets fan to an almighty-government believer approach. But rather admit flaws and look for alternatives to fix them. All this, in my humble opinion, just to cite Denis.