Economics should go back to its roots it's roots being that Smith marks Marshall Ricardo they were interested in understanding how people thrive materially and that should be what we remember. I don't think the goal should be to maximize say the size of labor force so the fact that people women and men choose to take leisure is mostly a good thing not a bad thing because the goal of life is it to make the economy as big as possible. How do you reconcile your smithian marxis Ricardi and marshallian urge with the fact that material life is only part of what we care about? We're going to spend too much time thinking as economists about that and ignoring the things that say
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.