There's a lot to be said for a good question. Good answers are often crucial, important but sometimes the best questions can't be answered and we learn something from our attempts to answer them. You generally don't thrive in academic life right now if you raise a big question or a good question and struggle to answer it. I think there are also two other functions that big prices in economics should actually have in mind. One is what I call the signaling function. In other words it should really signal the issues, the topics that are important. There are many big questions that will come in a minute but you cannot have the definite answer on that. It's nevertheless one area that has been worked
Author and economist Branko Milanovic of CUNY talks about the big questions in economics with EconTalk host Russ Roberts. Milanovic argues that the Nobel Prize Committee is missing an opportunity to encourage more ambitious work by awarding the prize to economists tackling questions like the rise of China's economy and other challenging but crucial areas of scholarship. In the conversation, he lays out what those questions might be and discusses what we know and don't know in these areas.