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Where Economics Went Wrong$
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David Colander and Craig Freedman

Print publication date: 2018

Print ISBN-13: 9780691179209

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691179209.001.0001

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The Art and Craft of Economics

The Art and Craft of Economics

The Classical Liberal Attitude

(p.139) 9 The Art and Craft of Economics
Where Economics Went Wrong

David Colander

Craig Freedman

Princeton University Press

This concluding chapter argues that Classical Liberal methodology is defined more by an attitude than it is by a particular methodological approach. That attitude blends a deep-seated skepticism of mainstream theory—often manifested by heterodox economists—with an appreciation of the gains that have been made by mainstream theory, an appreciation generally lacking among heterodox critics. A Classical Liberal attitude would also display a mutual respect for the methods that have evolved in mainstream and non-mainstream traditions to handle theoretical problems. The chapter then presents six economists who displayed a Classical Liberal attitude to methodology in important aspects of their work: Edward Leamer, Ariel Rubinstein, Alvin Roth, Paul Romer, Amartya Sen, and Dani Rodrik.

Keywords:   Classical Liberal methodology, mainstream theory, Classical Liberal attitude, theoretical problems, Edward Leamer, Ariel Rubinstein, Alvin Roth, Paul Romer, Amartya Sen, Dani Rodrik

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