Why economists still value theory despite poor prediction

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Dr. Alexander Rosenberg is the R. Taylor Cole Distinguished Professor of Philosophy at Duke University. In 2016 he was the Benjamin Meaker Visiting Professor at the University of Bristol. He has held fellowships from the National Science Foundation, the American Council of Learned Societies, and the John Simon Guggenheim Foundation. In 1993, Dr. Rosenberg received the Lakatos Award in the philosophy of science. In 2006-2007 he held a fellowship at the National Humanities Center. He’s the author of both fictional and non-fictional literature, including The Atheist’s Guide to Reality, The Girl from Krakow, How History Gets Things Wrong, and Blunt Instrument: Why Economic Theory Can't Get Any Better...Why We Need It Anyway.

In this episode, we focus on Blunt Instrument. We start by discussing why we need to know about economic theory, whether economics is a science, and how it is theory-driven. We also discuss whether Homo economicus exists, explanation and prediction in economics, and whether it is ideology-driven. We talk about game theory, why we can’t do without economic theory, and institution design. Finally, we discuss economics and political activism.

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