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A model of the representative economist, as researcher and policy advisor

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  • Paldam, Martin

Abstract

Econ is the representative academic economist who behaves as predicted by economic theory. The paper considers an important parameter β. It assumes that economic theory predicts the sign on β, and that an empirical literature of M papers exists about β. Two cases are considered: (C1) Econ is in the academic career writing a paper with a new estimate of β. (C2) Econ is advising the Minister who is in charge of a policy using β. Economic theory gives a clear prediction in both cases: The size of β will be exaggerated in (C1) and even more in (C2).

Suggested Citation

  • Paldam, Martin, 2018. "A model of the representative economist, as researcher and policy advisor," European Journal of Political Economy, Elsevier, vol. 54(C), pages 5-15.
    • Handle: RePEc:eee:poleco:v:54:y:2018:i:c:p:5-15
    DOI: 10.1016/j.ejpoleco.2018.03.005
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    References listed on IDEAS

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    Cited by:

    1. Asatryan, Zareh & Havlik, Annika & Heinemann, Friedrich & Nover, Justus, 2020. "Biases in fiscal multiplier estimates," European Journal of Political Economy, Elsevier, vol. 63(C).
    2. Paldam, Martin, 2024. "Income, growth, and democracy looking for the main causal directions in the nexus," European Journal of Political Economy, Elsevier, vol. 83(C).
    3. Paldam Martin, 2021. "Methods Used in Economic Research: An Empirical Study of Trends and Levels," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 15(1), pages 28-42, January.
    4. Doucouliagos, Hristos & Hinz, Thomas & Zigova, Katarina, 2022. "Bias and careers: Evidence from the aid effectiveness literature," European Journal of Political Economy, Elsevier, vol. 71(C).
    5. Martin Paldam, 2023. "Meta‐mining: The political economy of meta‐analysis," Kyklos, Wiley Blackwell, vol. 76(1), pages 125-140, February.

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    More about this item

    Keywords

    Rational economist; Publication bias;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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