What’s wrong with economics? With Angus Deaton
Update: 2024-07-08
Description
Sir Angus Deaton won the Nobel Prize in Economics in 2015. So when he says he is rethinking many of his assumptions about the field, it matters. Today on the show, Soumaya discusses what we are getting wrong about everything from inequality to immigration to the role of globalisation in the reduction of poverty.
Soumaya Keynes writes a column each week for the Financial Times. You can find it here
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Read a transcript of this episode on FT.com
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Thank you. Thoughts (my PhD is Phil & econ, and worked in govt for 20 yrs. Influences what's below.) - I kept asking myself "who are the 'we' he refers to?" I think he (like Sen) unreflectedly assumed academic economists w/o asking how that might alter the role of the intellectual limits he observes. (cf Gillian Tett on what is not discussed) - He doesn't distinguish economic knowledge from how economics is used. Could the models optimise information use, not a priori breadth of view?