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On Employing Economics to Shape Reality

In: Whither the World: The Political Economy of the Future

Author

Listed:
  • Grzegorz W. Kolodko

    (Kozminski University)

Abstract

Economics is not essentially an experimental science. Essentially — as we can’t put people with their economic problems in a test tube and carry out an experiment to see what will come out and then engage in theoretical deliberations on the subject. This is at least the case regarding a greater part of phenomena and processes which are the subject of economic studies. There are, however, limited possibilities to test some models before they are either implemented in practice or rejected. This is true mostly for microeconomics, especially for management as the consequences of any potential failures in that field are decidedly less severe than for experiments undertaken on a macroeconomic scale.

Suggested Citation

  • Grzegorz W. Kolodko, 2014. "On Employing Economics to Shape Reality," Palgrave Macmillan Books, in: Whither the World: The Political Economy of the Future, chapter 3, pages 60-81, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46574-0_3
    DOI: 10.1057/9781137465740_3
    as

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