Chapter

Uses and Abuses of Economics

John Kay

in The Business of Economics

Published in print October 1996 | ISBN: 9780198292227
Published online November 2003 | e-ISBN: 9780191596520 | DOI: http://dx.doi.org/10.1093/0198292228.003.0004
 Uses and Abuses of Economics

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The first part of this chapter explains why economics has enjoyed more success in answering microeconomic questions rather than macroeconomic ones. The second part responds to a number of attacks on economics, by clarifying that the foremost role of economics is to clarify our understanding and organize our thoughts rather than to help us make forecasts.

Keywords: economic forecasts; economics; inflation; interest rates; macroeconomic models; microeconomics; Paul Ormerod; taxis; wise men

Chapter.  2754 words. 

Subjects: Microeconomics

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