What is Economics?

Jacob Viner is rumored to have said that "Economics is what economists do." This paragraph from the Economist suggests Viner is right now more than ever.

Economics has fragmented in the past 15-20 years, both in subject and technique. No aspect of human behaviour is off-limits and a miscellany of methods are in vogue, adding laboratory experiments, randomised trials and computer simulations to the traditionalist’s blackboard and chalk. Many of the brightest stars in economics parade their scepticism, insisting on how little economists really know (or indeed how little real economics they know). The discipline is more exciting, ingenious and intrepid as a result. But it is also unruly and untidy. Some economists are still patiently adding to a cairn of knowledge. Many are throwing rocks.

What do you think? Is there a core of economics that has remained largely undisturbed over the last 15-20 years? Is the miscellany of methods as widely accepted as the above paragraph suggests? And, if so, is it a passing fad or a paradigm shift?

Skarbek Accepts Offer at Duke

Let's all congratulate co-blogger David Skarbek. Dave has accepted a position in the political science department at Duke University as Searle Visiting Assistant Professor. Congratulations, Dave!

Blockquoting X

X = Michael Polanyi, The Republic of Science:

For scientific opinion may, of course, sometimes be mistaken, and as a result unorthodox work of high originality and merit may be discouraged or altogether suppressed for a time. But these risks have to be taken. Only the discipline imposed by an effective scientific opinion can prevent the adulteration of science by cranks and dabblers. In parts of the world where no sound and authoritative scientific opinion is established, research stagnates for lack of stimulus, while unsound reputations grow up based on commonplace achievements or mere empty boasts. Politics and business play havoc with appointments and the granting of subsidies for research; journals are made unreadable by including much trash.