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So what's the moral? We've seen how the insistence on models that meet the standards of rigor in mainstream economics can lead to neglect of clearly valuable ideas. Does this mean that the whole emphasis on models is wrong? Should we make a major effort to open up economics, to relax our standards about what constitutes an acceptable argument? No—the moral of my tale is nowhere near that easy. Economists can often be remarkably obtuse, failing to see things that are right in front of them. But sometimes a bit of obtuseness is not entirely a bad thing. (en) |
