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Rethinking economics, from the inside out.
In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline.
Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world―but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science.
Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons―just as children’s fables offer diverse morals.
Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context.
The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality.
At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.
- Sales Rank: #90833 in Books
- Published on: 2015-10-13
- Original language: English
- Number of items: 1
- Dimensions: 8.60" h x 1.00" w x 5.80" l, .0 pounds
- Binding: Hardcover
- 272 pages
Review
“Economics Rules, by one of the world's truly great economists, describes in fascinating and incredibly well-written detail what it means to be an economist. In so doing it explains why, and when, economists often get it right, but also why they also frequently go astray.” (George Akerlof, Nobel laureate in economics)
“The best economists make the best methodologists, and Dani Rodrik is both. His Economics Rules is the single best source for explaining the strengths and weaknesses of economics to an outside audience.” (Tyler Cowen, George Mason University, author of The Great Stagnation)
“In Economics Rules, enjoyment enhances learning, with lessons for economists and non-economists alike―indeed, ten commandments for each. The book is a page-turner with every page carrying an important and memorable take-away.” (Margaret Levi, director, Center for Advanced Study in the Behavioral Sciences, Stanford University)
About the Author
Dani Rodrik, a prize-winning economist, is the Ford Foundation Professor of International Political Economy at Harvard's John F. Kennedy School of Government. He is the author of The Globalization Paradox and Economics Rules.
Most helpful customer reviews
27 of 29 people found the following review helpful.
second best perversities, principal-agent misalignments
By Rakesh Bhandari
This is a very thoughtful book. As a non-economist I appreciate the care and labor that has gone into explaining the discipline to outsiders.
While not dwelling on the suffering caused by the hasty privatization of assets, the radicalization of the Washington consensus, and the deregulation of derivatives, Rodrik argues that these policy prescriptions did not necessarily follow from economic science. He argues that economists had available to them models that should have deflated optimism about these radical policy prescriptions. These models should have made more economists alert to imperfect information and competition, coordination failures, second best perversities, principal-agent misalignments, etc.
These elegant models specify causal mechanisms and can be empirically tested. Rodrik is more than successful in defending the epistemological value of the economists' practice of model building and empirical testing, though one of course can differ about the critical assumptions that should be built into them. Rodrik himself raises tough questions about the limits of empirical testing.
If economists are to be faulted, says Rodrik, it should be for allowing discussion to be dominated by those economists that do not admit that economics has produced several and even competing models and that the best economists struggle to determine which ones fit best in specific situations; the economists who came to dominate discussion also often laced their policy prescriptions with extra-economic value judgments as if these followed from the scientific choosing and testing of models.
Rodrik argues that there are no general, all-encompassing theories in economics that provide universally-valid causal accounts and answer tough moral questions. This not what the best economics provides, and Rodrik argues persuasively that it is exactly because of this that economics has real value as a science. For example, Rodrik explains that economists cannot determine a priori what the employment effects of a rise in the minimum wage would be; it depends, he argues, on a technical analysis of the nature of competition in the industries most impacted, though here Rodrik here does not really address the popular concern that a higher minimum wage would not reduce employment as much as cost bosses and big shareholders a few extra nights on an extravagant vacation or a few extra feet on the length of their yachts.
While Rodrik seems to be following Jon Elster's specification of the hypothetico-deductive method in explaining how models should be tested (like Elster, Rodrik says a successful model should be able not only to account for a specific explanandum via a clearly delineated mechanism, it should also be able to account for other phenomena while the rival, rejected models should be shown to have implications that are not observed), I am left uncertain as to exactly why economists seem to have worked, for the most part, with incorrect models--in other words, with why so many of them exercised poor judgement in their choice of models when making sense of transition economies, economic development and the proliferation of new financial instruments.
Rodrik focuses on three recent developments that have worked their way into the mainstream in spite of their interdisciplinary nature--randomized controlled trials (of which he seems skeptical like recent Nobelist Angus Deaton), behavioral economics (which, it seems to me, is being overhyped for its ability to account for asset bubbles) and the new institutionalism of Acemoglu and Robinson (which has been the subject of stimulating debate).
It does not seem to me that this work vindicates model building as much as it shows the importance and limits of statistical work, the use of psychological experiments to understand human motivation, and the use of comparative historical methods to test ideas. If this is the best work that economics producing, it would suggest that economics is advancing to the extent that it integrates itself with the social sciences and proceeds as an interdisciplinary enterprise.
7 of 7 people found the following review helpful.
Must read explanation of economics
By Peter B Sperry
Dani Rodrik explains economists, their methodologies, biases, strengths, and weaknesses for non economist intellectuals. The book read like an extended opening statement at an Ivy League faculty dinner debate. The defensive attitude is impossible to miss but does not detract from the overall quality of the arguments. It would be fascinating to read a rebuttal by an equally talented academic from a competing discipline. It would be equally enlightening to watch Professor Rodrik arguing for the negative team in an Oxford style debate on the question "Resolved, economists are so full of it their eyes are brown." He just might win over the audience. At the very least he would make them think. I am curious who he would recommend as his opponent in that debate.
4 of 4 people found the following review helpful.
Too Dismal for the Science.
By J. Edgar Mihelic, MBA
I grabbed this book because it was making a minor stir in the blog-o-sphere.
It was kind of a let down. Rodrik is a bit of a rebel when it comes to economics discourse (once wrote a book doubting fully the benefits of globalization *fainting couch). But even then the options that he looks at seem narrowly circumscribed - mostly macro from new keynesian to new classical! To his credit, Marx raises his head, if only to be dismissed.
What I really like is the framing of the book as looking at models, and how they are useful and how they are not as necessary simplifications of the real world - he even cites one of my favorite Jorge Borges stories to tell about the necessity of simplification. He also looks at the fox / hedgehog divide, in that true knowledge is knowing what model to use when looking at the explanation of a past event, and not over reliance on a strong theory that will too often lead you astray.
The big problem for me was that the model using is almost all backwards looking. If you know what happened and you can pick the right model you’re golden, but he discounts being able to know the future. Maybe I missed something, but isn’t a large part of trying to understand the past so that you can more accurately predict the future? If there is no ultimately one correct model and they do grow horizontally (a multiplicity) instead of replacing dead models as he calls it vertically, are we doomed to be having the same arguments generation after generation only with more powerful computers and fancier math?
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