The Economics Show
What’s wrong with economics? With Angus Deaton
Jul 8, 2024
Nobel Prize-winning economist Angus Deaton rethinks assumptions in economics, discussing critiques of the profession, immigration impacts, and globalization's role in poverty reduction. He challenges traditional views on poverty measurement, international aid efficacy, and randomized control trials. Reflecting on biases in econometric techniques, Deaton emphasizes the need for economists to broaden their education and consider marginalized groups' welfare.
33:43
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Quick takeaways
- Economists should embrace a more holistic approach by incorporating philosophy, ethics, and history in their analysis.
- Globalization's role in poverty reduction is exaggerated; public services and education are crucial factors as well.
Deep dives
Critique on Economics Emphasizing Narrow Approach to Efficiency
Economists are criticized for prioritizing efficiency and GDP maximization over broader aspects of the discipline, neglecting philosophy, ethics, history, psychology, and sociology. This narrow focus leads to overlooking vital elements that were traditionally incorporated in economics, prompting the need for a more holistic approach to the discipline.
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