State of Play in the Economics of Discipline
Economics is in disarray. Few would deny it. Some of the signs are obvious. Other evidence is more controversial. One of the fundamental causes is an ethical failure (Alvey, 2011). First, economists claim to be scientists or technicians who study ‘facts’, not values; they make ‘scientific’ studies and predictions. Yet economists failed to predict the Global Financial Crisis. For example, the top of the tree of public sector economists in the United States has admitted to having a fundamental misunderstanding of the economy and economic processes. The facts of the world have not supported the economists’ models (Alvey, 2011). For us, the way our economy runs is basing from the theoretical models, policies, strategies and processes of that of the United States economy. It is high time for us to revisit/re-evaluate our economy and to innovate and test some strategies very carefully which are only applicable to our system that met international standards and global acceptance so as when crisis strikes our economy, we know how to anticipate and adapt easily to its changes.
Second, all economists are faced with ethical issues in conceptualizing, conducting and reporting their work. For example, it is ‘unethical’ for economists not to work on the quality of the data or on the correct use of statistical tests meaning economists ‘should not use statistical significance as the equivalent of economic significance’(Alvey, 2011). The problem with our research studies is that we rely too much of its statistical results and from there, we draw our interpretations and recommendations that’s why our research outputs are just limited to quantity facts rather than going beyond quality outputs. Some, if not a big portion of our research studies are merely repetitions and verifications of past researches that’s why we cannot moved forward and reinvent new concepts that will help improve our society we live in.