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Erschienen in:
2017 | OriginalPaper | Buchkapitel
6. Economics Quest for Relevance
verfasst von : Ricardo A. Halperin
Erschienen in: The Influence of Uncertainty in a Changing Financial Environment
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Abstract
This chapter provides a bird’s-eye overview of milestone works that resulted in shifts in the focus of economic theory, starting with Adam Smith all the way to contemporary economics. The chapter notes the tug-of-war between the struggle for relevance and the wish to strengthen the rigor of economic analysis. An important argument in the book is that in recent times the pursuit of rigor has been at the expense of relevance, which partly explains why policymakers failed to recognize the warning signs of the Great Recession in a timely manner.