Alfred Marshall Lecture Using and Abusing Economic Theory
نویسنده
چکیده
Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the dangers posed by political pressures. Superficially trivial distinctions between policy proposals may be economically significant, while economically irrelevant distinctions may be politically important. I illustrate with some disastrous government auctions, but also show the value of economic theory. (JEL: A11, B4, D44, L96)
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PHD THESIS SUMMARY: The psychological foundations of Alfred Marshall’s economics: an interpretation of the relationship between his early research in psychology and his economics
Alfred Marshall (1842-1924) was one of the earliest professional economists at the University of Cambridge in the nineteenth century, and a founder of the Cambridge School of economics which nurtured leading economists such as A. C. Pigou and J. M. Keynes. However, in his early research, before becoming a professional economist, Marshall explored what psychology had to say about the human facul...
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