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Some Practical Aspects Of Pluralism In Economics

UC Davis Working Paper No. 99-05

17 Pages Posted: 30 Sep 1999  

Thomas Mayer

University of California, Davis - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Date Written: September 1999

Abstract

This contribution to a Festschrift for Warren Samuels argues that in giving policy advice economists should seek diversification and consider the probability of error, and also the loss function and risk aversion. And since advocacy of a theory is in a relevant way like a policy decision, the same applies to theories. If this means employing contradictory theories, then that is consistent with rational behavior. In choosing a methodology, too, a sharp dichotomy of right and wrong is not useful, as the example of new classical reductionism illustrates. Similarly, there is a role for probabilistic pluralism in making value judgments.

JEL Classification: B4

Suggested Citation

Mayer, Thomas, Some Practical Aspects Of Pluralism In Economics (September 1999). UC Davis Working Paper No. 99-05. Available at SSRN: https://ssrn.com/abstract=181928 or http://dx.doi.org/10.2139/ssrn.181928

Thomas Mayer (Contact Author)

University of California, Davis - Department of Economics ( email )

One Shields Drive
Davis, CA 95616-8578
United States

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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