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From: Institute for New Economic Thinking <Institute_for_New_Economic_Think(a)mail.vresp.com>
To: dharao4(a)yahoo.co.uk
Sent: Thursday, 2 February 2012, 3:03
Subject: John Kay: Why Economics Needs Eclecticism
John Kay: Why Economics Needs Eclecticism
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Hi Robert Searle,
Today INET presents you an interview with John Kay, who calls for a healthy dose of eclecticism in economics.
John Kay: The Limits of Consistency and Rigor, and Why Economics Needs Eclecticism
Previously, INET presented a paper by John Kay that examined the relationship between modern economics and the world we live in. Kay, Fellow at St. John’s College of Oxford University and Visiting Professor at the London School of Economics, presented methodological critiques of economics in general, and of DSGE models and rational expectations in particular. The paper incited wide-ranging debate, and INET posted on its website several responses to the article from other prominent economists (Michael Woodford, Roger Guesnerie, Paul Davidson, and Giovanni Dosi).
Today, INET presents you a video interview with John Kay in which he discusses the state of economics with INET Executive Director Rob Johnson. Kay suggests that economics has focused too much on axiomatic and deductive reasoning and has been constrained by the simplifying assumptions that such an agenda imposes. The exclusion of inductive reasoning in the name of consistency and rigor is not how real science advances, he says. Economics would benefit from a healthy dose of eclecticism.
Link to video
Kind regards,
Enno Schröder
Manager INET Online
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Link to video
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Link to video
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Find more info here.
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Economists: A Profession at Sea Without an Anchor
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