What Use is Economic Theory ? by Hal

I examine how neoclassical economic theory is useful to the understanding of economic policy. I also describe what I view as the role of economic theory in economics. This talk was prepared for the conference ‘‘Is Economics Becoming a Hard Science?’’ 29--30 October, 1992, Paris, France. An earlier version of this paper was published (in French) in A. Autume and J. Cartelier, ed. L’Economie Devient-Elle Une Science Dure?’’, Economica, Paris.