Is the study of economics too focused on math, not accounting for marginal error because of psychology, philosophy or economic history?
Sept. 19, 2009 - The current crisis has spurred a debate on the training and usefulness of economists. Some contend that economists are useless since they failed to forecast the crisis. Others claim that their training is inadequate because it relies heavily on applied mathematics at the expense of a broad view of how the economy works, informed by other disciplines such as psychology, sociology, and political science. Hence, ten British institutional economists have written a letter to the Queen, in response to that of Besley and Hennessy, where they state that “economics has turned virtually into a branch of applied mathematics, and has been become detached from real world institutions and events.”
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