I'm an unorthodox storyteller...
for that is what economists do (thanks to MarginalRevolution.com for a great pointer). Here's an excerpt from the paper by Ariel Rubinstein, a prominent economic theorist at NYU, which is the subject of the MR post (which, by the way, has a few interesting comments):
I could say that this talk will be about some of the research I have been involved in over the past few years. I could also say that it will express my dilemmas over the efficacy of economic theory with the realization that my views constitute an inseparable part of who I am. My comments might even be interpreted as “an outpouring from a therapist’s couch,” as the referee described them. However, underlying this paper is one major question that I ask myself obsessively: What on earth am I doing? What are we trying to accomplish as economic theorists? We essentially play with toys called models. We have the luxury of remaining children over the course of our entire professional lives and we are even well paid for it. We get to call ourselves economists and the public naively thinks that we are improving the economy’s performance, increasing the rate of growth, or preventing economic catastrophes. Of course, we can justify this image by repeating some of the same fancy sounding slogans we use in our grant proposals, but do we ourselves believe in those slogans?
I haven't fully realized a view on economic theory, but I largely agree with Rubinstein on this. Thus, I am often beset by the worry that I am wasting my time on something of little value to society...
I could say that this talk will be about some of the research I have been involved in over the past few years. I could also say that it will express my dilemmas over the efficacy of economic theory with the realization that my views constitute an inseparable part of who I am. My comments might even be interpreted as “an outpouring from a therapist’s couch,” as the referee described them. However, underlying this paper is one major question that I ask myself obsessively: What on earth am I doing? What are we trying to accomplish as economic theorists? We essentially play with toys called models. We have the luxury of remaining children over the course of our entire professional lives and we are even well paid for it. We get to call ourselves economists and the public naively thinks that we are improving the economy’s performance, increasing the rate of growth, or preventing economic catastrophes. Of course, we can justify this image by repeating some of the same fancy sounding slogans we use in our grant proposals, but do we ourselves believe in those slogans?
I haven't fully realized a view on economic theory, but I largely agree with Rubinstein on this. Thus, I am often beset by the worry that I am wasting my time on something of little value to society...