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(ECONSTA) Group Assignment 1

The document discusses McCloskey's view that economics is not fully respected as a science due to perceptions that it lacks rigorous research and data analysis compared to other fields like math and statistics. It argues that economics is a social science that utilizes scientific methods like data collection and analysis to study human and market behavior. While economics may need to better communicate its work to non-experts, it does not require a radical change, but rather a return to its foundations in thinkers like Adam Smith to develop theories addressing real-world problems. Economics will remain relevant after COVID-19 due to its ability to analyze economic disruptions and propose policies to mitigate damage through theoretical studies and analysis of corporations and markets.

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124 views

(ECONSTA) Group Assignment 1

The document discusses McCloskey's view that economics is not fully respected as a science due to perceptions that it lacks rigorous research and data analysis compared to other fields like math and statistics. It argues that economics is a social science that utilizes scientific methods like data collection and analysis to study human and market behavior. While economics may need to better communicate its work to non-experts, it does not require a radical change, but rather a return to its foundations in thinkers like Adam Smith to develop theories addressing real-world problems. Economics will remain relevant after COVID-19 due to its ability to analyze economic disruptions and propose policies to mitigate damage through theoretical studies and analysis of corporations and markets.

Uploaded by

Lip Syncers
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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He, Pahud, Prado, Rillo, & K.

B So ECONSTA (V26)

Reaction Paper to McCloskey’s The Trouble with Mathematics and Statistics in Economics

Science is the pursuit and application of knowledge and understanding of the natural and

social world as it follows a systematic methodology based on evidence. For Deirdre McCloskey,

science can only be a real “science” if it includes an “intelligent inquiry” into the world. We must

theorize and observe. In addition to what we understand from the article, McCloskey shared that

economics is not really respected as a science by most people, mainly because they don’t think

that it involves as much research and hard work as the other sciences, specifically the math and

statistics portion of the discipline. According to him as well, as stated in his article, “economics is

supposed to be an inquiry into the world, not pure thinking.” Despite all these statements, we still

believe that economics is a science, given that it involves the collection and application of

knowledge, as well as the understanding of an economy with various data being utilized.

Moreover, economics is indeed an inquiry into the world, not just pure thinking, as it inquires into

the behavior of consumers, markets, and many more. As future economists, we also experience

firsthand the rigorous research and data collection being done in the field of economics.

Therefore, economics is indeed a science — a social science — as it involves the usage of

scientific methods to create theories to help understand the behavior of people and different

markets. To say that economics is not a ‘science’ would be an insult because just like any of the

other sciences, the process that we go through to gain the knowledge needed for research is the

same, such as collecting data for graphs and statistics, all to try and solve the economic problems

faced by our world.

In the history of economic thought, there is a so-called inner core and outer core of ideas,

the inner core containing the core principles we use in economics today, the outer core are ideas

that merely revolve around the inner core of ideas. New ideas usually bounce off the outer core or

merge into the outer core but rarely does it reach the inner core of ideas, the closest we suppose

that it’s gone to reaching the inner core was during the marginal revolution where economic
He, Pahud, Prado, Rillo, & K.B So ECONSTA (V26)

theories transitioned into empirical and statical data and arithmetic representations. In this sense,

economics becomes (1) Jargon to the average man, and (2) economics becomes an irrelevant

topic. Economics in its essence is a SOCIAL SCIENCE and theoretical in its core, economists

noways see themselves as Gods who look up from above and are here to save society, economists

nowadays seem to only want to please each other (other economists), to say that economics needs

a radical change is somewhat true but at the same time not necessary. We believe that economics

needs not a radical change but rather to go back to its essence, to the times of Adam Smith, Karl

Marxx, and Jean Baptist Say where we go back to thinking about economic theories and ideas that

can change our current society and our own context.

With regards to the question as to whether economics will continue to be relevant in a

post-COVID19 world, we believe that it will still continue to be necessary for several practical

reasons. The pandemic mainly threw the economic situation of the world askew, which means that

the knowledge and understanding of economists in our economy would be beneficial in creating

and implementing solutions and policies to put it back together. The macroeconomic policies that

various economists proposed not only helped some countries stay afloat but also helped them stay

on their beat or at least as close to it as possible. Hence, this just shows that even theoretical

studies could mitigate an economic disaster that will be brought upon by unintentional disaster.

Additionally, economists are also relevant to running corporations as their way of thinking could

be a good way to understand the market and maximize sales and profits. An example would be

how China revitalized itself by opening its ports to foreign direct investments and the softening of

its control on private corporations in the early 1970s which led to China improving its GDP

exponentially; this helped improve the country and put it on its track to being one of the biggest

powerhouses in the world.

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