Thursday 20 December 2007

Cowen v. Hanson

At Free Exchange they are commenting on the ongoing debate between Tyler Cowen and Robin Hanson on method in economics. They write,
Mr Hanson's answer to the following question sets their differences in relief:

For good policy advice, what is the best weight to place on economic theory, versus (individual or cultural) intuitive judgment?

Mr Hanson:

My guess is over 75% weight, so I try to mostly just straightforwardly apply economic theory, adding little personal or cultural judgment.

Mr Cowen replies:

Theories are always applied and interpreted through our personal and cultural filters and there is no other way it can be. Robin believes in an Archimedean point for using theory, I do not.

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