Economic Imperialism: Hoover Institutions And Graduate School Of Economics
Economic Imperialism
Edward P. Lazear
Hoover Institution and Graduate School of Business
Stanford University
May, 1999
This research was supported in part by the National Science Foundation. I am grateful to
Kenneth Arrow, James Baron, Gary Becker, Roger Faith, Claudia Goldin, Morley Gunderson,
Larry Katz, Robert Lucas, Michael Schwarz, Andrei Shleifer, and Nancy Stokey for helpful comments and discussions.
Abstract
Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a methodology that produces refutable implications and tests these implications using solid statistical techniques. In particular, economics stresses three factors that distinguish it from other social …show more content…
The field attracts the most students, enjoys the attention of policy makers and journalists, and gains notice, both positive and negative, from other scientists. In large part, the success of economics derives from its rigor and relevance as well as from its generality. The economic toolbox can be used to address a large variety of problems drawn from a wide range of topics.
In earliest times, economics was not distinct from other social sciences or even philosophy. Aristotle and Plato discussed economic issues in the context of social philosophy. Adam Smith, Ricardo, and Malthus analyzed economic factors in broader contexts than most economists do today. The American Economic
Association itself was hewn from the societies of other fields. The AEA was created as a joint effort of the
American Social Science Association and the American Historical Association for the purpose of encouraging economic research.1
At least during the last four decades, economics has expanded its scope of inquiry as well as its sphere of influence. Neither luck nor the inherent charm of economists is responsible for the change. …show more content…
Auerbach and Kotlikoff
(1989) build a system of intergenerational accounting that uses the economics of the family as a foundation.
Becker’s work on the family is recognized, both inside economics and to some extent in other fields as well, as the most comprehensive and rigorous treatment of family formation and preferences to date.
Again, the market test vindicates the use of economics to understand family behavior. Ideas that were considered bizarre and almost comical twenty years ago are now standard. Even sociologists, who were initially very resistant to the concepts, have given some ground here.17
Social Interactions:
16
See Becker, Landes and Michael (1977) and Mincer and Jovanovic (1981)
17
The “rational choice” school of sociology, best represented by the late James Coleman, is a move back in the direction of economics. Furthermore, in addition to being a member of its economic department, Becker is a member of the Department of Sociology at the University of
Chicago.
16
Edward P. Lazear
Economic
Edward P. Lazear
Hoover Institution and Graduate School of Business
Stanford University
May, 1999
This research was supported in part by the National Science Foundation. I am grateful to
Kenneth Arrow, James Baron, Gary Becker, Roger Faith, Claudia Goldin, Morley Gunderson,
Larry Katz, Robert Lucas, Michael Schwarz, Andrei Shleifer, and Nancy Stokey for helpful comments and discussions.
Abstract
Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a methodology that produces refutable implications and tests these implications using solid statistical techniques. In particular, economics stresses three factors that distinguish it from other social …show more content…
The field attracts the most students, enjoys the attention of policy makers and journalists, and gains notice, both positive and negative, from other scientists. In large part, the success of economics derives from its rigor and relevance as well as from its generality. The economic toolbox can be used to address a large variety of problems drawn from a wide range of topics.
In earliest times, economics was not distinct from other social sciences or even philosophy. Aristotle and Plato discussed economic issues in the context of social philosophy. Adam Smith, Ricardo, and Malthus analyzed economic factors in broader contexts than most economists do today. The American Economic
Association itself was hewn from the societies of other fields. The AEA was created as a joint effort of the
American Social Science Association and the American Historical Association for the purpose of encouraging economic research.1
At least during the last four decades, economics has expanded its scope of inquiry as well as its sphere of influence. Neither luck nor the inherent charm of economists is responsible for the change. …show more content…
Auerbach and Kotlikoff
(1989) build a system of intergenerational accounting that uses the economics of the family as a foundation.
Becker’s work on the family is recognized, both inside economics and to some extent in other fields as well, as the most comprehensive and rigorous treatment of family formation and preferences to date.
Again, the market test vindicates the use of economics to understand family behavior. Ideas that were considered bizarre and almost comical twenty years ago are now standard. Even sociologists, who were initially very resistant to the concepts, have given some ground here.17
Social Interactions:
16
See Becker, Landes and Michael (1977) and Mincer and Jovanovic (1981)
17
The “rational choice” school of sociology, best represented by the late James Coleman, is a move back in the direction of economics. Furthermore, in addition to being a member of its economic department, Becker is a member of the Department of Sociology at the University of
Chicago.
16
Edward P. Lazear
Economic