The history of a famous faculty shows that the way economics is taught depends on what you think economists are for.
Bloomberg editors say that given recent failures, editors of the most prestigious academic journals should open their pages to research that challenges the standard theories, even if it doesn’t yet point to encompassing new alternatives.
Stanford’s Raj Chetty argues that the challenges faced by economists are no different from those encountered in medicine and public health. Should we create more financial crises to understand how they work?
Castle and Hendry make the case for a combined theory-driven and data-driven approach, under which there is a good chance of discovering a better empirical model when the theory is incomplete or incorrect.