The Future of Economics: The Appropriately Educated in Pursuit of the Knowable

Posted: 29 Feb 2008

See all articles by David Colander

David Colander

Middlebury College - Department of Economics

Abstract

This paper argues that, currently, significant change is taking place in economics because (1) technological changes in analytic and computing methods are opening up new avenues of study, and (2) the `low hanging fruit` from previous approaches and methods have already been picked. It offers a vision of the future of economics that sees economists focusing less on the study of infinitely bright agents operating in information rich environments and more on the study of reasonably bright individuals operating in information-poor environments. Agent-based models and computer analysis of data will increase in importance, and deductive analytics will decrease in importance.

Keywords: Agent-based model, Complexity, Vision, Muddling through

Suggested Citation

Colander, David, The Future of Economics: The Appropriately Educated in Pursuit of the Knowable. Cambridge Journal of Economics, Vol. 29, Issue 6, pp. 927-941, 2005, Available at SSRN: https://ssrn.com/abstract=904518

David Colander (Contact Author)

Middlebury College - Department of Economics ( email )

Munroe Hall
Middlebury, VT 05753
United States
802-443-5302 (Phone)

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