Download PDF by Edward E. Leamer: The Craft of Economics: Lessons from the Heckscher-Ohlin

By Edward E. Leamer

ISBN-10: 0262016877

ISBN-13: 9780262016872

In this lively and provocative e-book, Edward Leamer turns an exam of the Heckscher--Ohlin framework for international festival into a chance to think about the craft of economics: what economists do, what they need to do, and what they won't do. Claiming "a lifetime courting with Heckscher--Ohlin," Leamer argues that Bertil Ohlin's unique notion provided whatever worthwhile notwithstanding imprecise and never unavoidably legitimate; the economists who later translated his rules into mathematical theorems provided anything certain and legitimate yet now not inevitably important. He argues additional that the simplest economists hold formal and casual considering in stability. An Ohlinesque usually prose kind can allow in defective considering and fuzzy conversation; a more often than not math sort permits lost emphasis and opaque conversation. Leamer writes that present day version- and math-driven economics wishes extra prose and no more math. Leamer indicates that the Heckscher--Ohlin framework remains to be precious, and that there's nonetheless a lot paintings to be performed with it. yet he matters a caveat approximately economists: "What we do isn't really technological know-how, it is fiction and journalism." monetary idea, he writes, is fiction (stories, loosely attached to the facts); information research is journalism (facts, loosely hooked up to the stories). instead of titling the 2 sections of his ebook conception and facts, he calls them monetary Fiction and Econometric Journalism, explaining, "If you discover that startling, that is sturdy. i'm attempting to retain you awake."

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The Craft of Economics: Lessons from the Heckscher-Ohlin Framework (Ohlin Lectures) by Edward E. Leamer

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