Download The Craft of Economics: Lessons from the Heckscher-Ohlin by Edward E. Leamer PDF

By Edward E. Leamer

In this lively and provocative publication, Edward Leamer turns an exam of the Heckscher--Ohlin framework for worldwide pageant into a chance to think about the craft of economics: what economists do, what they need to do, and what they won't do. Claiming "a lifetime courting with Heckscher--Ohlin," Leamer argues that Bertil Ohlin's unique thought provided anything important notwithstanding obscure and never unavoidably legitimate; the economists who later translated his rules into mathematical theorems provided whatever special and legitimate yet no longer inevitably invaluable. He argues extra that the simplest economists continue formal and casual considering in stability. An Ohlinesque usually prose type can allow in defective considering and fuzzy verbal exchange; a regularly math variety permits lost emphasis and opaque verbal exchange. Leamer writes that cutting-edge version- and math-driven economics wishes extra prose and no more math. Leamer exhibits that the Heckscher--Ohlin framework remains to be helpful, and that there's nonetheless a lot paintings to be performed with it. yet he matters a caveat approximately economists: "What we do isn't really technology, it really is fiction and journalism." fiscal thought, he writes, is fiction (stories, loosely attached to the facts); info research is journalism (facts, loosely hooked up to the stories). instead of titling the 2 sections of his ebook conception and proof, he calls them fiscal Fiction and Econometric Journalism, explaining, "If you discover that startling, that is sturdy. i'm attempting to retain you awake."

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