Economic analysis needs to rise above the standards of journalism. The assertions need to be subjected to rigorous analysis, a combination of theory, focusing on internal consistency and the plausibility of the assumptions required to derive evidence from particular episodes. Given the ever changing nature of our economy and institutions, it will never be possible to completely eliminate uncertainity. This uncertainity will be particularly large in interpreting and responding to those unusual events we call crises. And this uncertainity should, at the very best, induce a degree of humility on the part of advisers. An essential part of this policy advise is based on economic science, as opposed to economic ideology, and will serve as an explicit recognition of that uncertainity. Too often, that has not been the case. The presence of uncertainity means, of course, that it will be all the more difficult to assess the quality of the advise being rendered. #MyJourneyTowardsTheSustainableDevelopmentOfBotswanaAfricaAndTheWorld :-)
Posted on: Mon, 10 Mar 2014 03:19:40 +0000
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