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Uncertainty and the Policy Analyst

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  • Thomas Cate

Abstract

The paper reviews JNK's examination of the scope and method of political economy, suggests that Friedman's re-examination of JNK's pronouncements on methodology resulted in two problems (a) the over emphasis of positive science at the expense of the art of political economy (hereafter applied economics), and (b) the coupling of the positive science of political economy to laissez faire in the face of JNK's warning, argues that JMK used applied economic models based on the needs of the British economy in his books as the basis for his pragmatic public policy proposals, and concludes that, beginning with the Principles courses the profession must do a better job of (1) explaining the differences among positive science, normative science, and applied economics. (2) recruiting more students into economics in general and into applied economics in particular. (3) shifting resources away from positive science to applied economics, and (4) explaining ourselves to the general voter.

Suggested Citation

  • Thomas Cate, 2011. "Uncertainty and the Policy Analyst," The American Economist, Sage Publications, vol. 56(1), pages 13-19, May.
    • Handle: RePEc:sae:amerec:v:56:y:2011:i:1:p:13-19
    DOI: 10.1177/056943451105600103
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Keynes, John Neville, 1890. "The Scope and Method of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 4, number keynes1890.
    3. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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