Question
Read the article titled How Effective is Economic Theory? from National Affairs , ( https://www.nationalaffairs.com/publications/detail/how-effective-is-economic-theory ) Then answer the following questions. a.)According to the article,
Read the article titled "How Effective is Economic Theory?" from National Affairs, ( https://www.nationalaffairs.com/publications/detail/how-effective-is-economic-theory ) Then answer the following questions.
a.)According to the article, what constitutes "effective theory"?
b.)List the five interlocking subjects which determine the effectiveness of economic theory.
c.)Briefly summarize Edward Leamer's critique of economic research that was posited in his article, "Let's Take the Con Out of Econometrics"
d.)What does Kling expect will happen in the future of economic theory, specifically to the advantage of mathematical modeling relative to verbal reasoning?Summarize the major reasons why.
e.)Do you agree or disagree with Kling's assessment of the effectiveness of economic theory and expectations of things to come?Briefly explain.
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