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Dec 12, 2019 · In this chapter, I explain and discuss how economists think about gaining new insights about the world. I discuss the interpretation of formal economic models as well as the status of empirical research in economics.
- Jo Thori Lind
- j.t.lind@econ.uio.no
- 2019
We also introduce government and its diverse, often contradictory economic functions. And we start to describe capitalism on a global level: globalization, foreign trade, capital fl ows, and economic development. The smaller, simple “circle” we described in Part Two of the book now becomes. lot bigger and more complex.
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Economists emphasize making the economic pie bigger and worry less about the relative size of an individual’s piece of it. This is sometimes referred to as a concern for efficiency over equity. Or like the character Peekay in Bryce Courtney’s Power of One, economists think first with the head, then with the heart.
economists thought. Today, what economists think has changed drastically, but the textbooks have not followed. Colander believes that eventually textbooks will reflect the changes in economists’ thinking, but at this point there is too much capital tied up for these changes to occur rapidly.
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In other words, economics teaches you how to think, not what to think. Link It Up. Watch this video about John Maynard Keynes and his influence on economics. Economists see the world through a different lens than anthropologists, biologists, classicists, or practitioners of any other discipline.
anthropologists, economists should think more about how individuals’ decision- making relates to social mores; like physicists, they should study instability instead of assuming that economies ...
Why Study Economics? ˜ Never trust an economist with your job Most people think economics is a technical, confusing, and even mysterious subject. It’s a fi eld best left to the experts: namely, the economists. But in reality, economics should be quite straightforward. After all, economics is simply about how we work. What we produce.
