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The Lost Art of Economics: Essays on Economics and the Economics Profession

The Lost Art of Economics: Essays on Economics and the Economics Profession The Lost Art of Economics: Essays on Economics and the Economics Profession. By David Colander. Cheltenham, U.K.: Edward Elgar, 2001. x; 203 pp. $75.00. David Colander believes that of Neville Keynes’s tripartite division of economics into the positive, the normative, and the art of economics, only the first two receive serious attention. He regards the “art” of economics as no less significant. If well done, positive economics tells us how economies function, and normative economics sets out the ideal conditions we wish to achieve, while the “art” of economics concerns the selection of the policies required to get there. He takes the example of monetary economics. Each country has its own banking system, and its banks will function in particular ways on which there will be many Book Reviews influences. In conducting monetary policy we need to know how a change in interest rates will influence lending to households and to small and large companies, and attitudes to risk of lenders and borrowers. Without this knowledge monetary policy could be misconceived and its impact seriously under- or overestimated. The art of economics is especially concerned with policy issues that involve detailed knowledge and judgment, such as what monetary http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

The Lost Art of Economics: Essays on Economics and the Economics Profession

History of Political Economy , Volume 35 (1) – Mar 1, 2003

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Publisher
Duke University Press
Copyright
Copyright 2003 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-35-1-166
Publisher site
See Article on Publisher Site

Abstract

The Lost Art of Economics: Essays on Economics and the Economics Profession. By David Colander. Cheltenham, U.K.: Edward Elgar, 2001. x; 203 pp. $75.00. David Colander believes that of Neville Keynes’s tripartite division of economics into the positive, the normative, and the art of economics, only the first two receive serious attention. He regards the “art” of economics as no less significant. If well done, positive economics tells us how economies function, and normative economics sets out the ideal conditions we wish to achieve, while the “art” of economics concerns the selection of the policies required to get there. He takes the example of monetary economics. Each country has its own banking system, and its banks will function in particular ways on which there will be many Book Reviews influences. In conducting monetary policy we need to know how a change in interest rates will influence lending to households and to small and large companies, and attitudes to risk of lenders and borrowers. Without this knowledge monetary policy could be misconceived and its impact seriously under- or overestimated. The art of economics is especially concerned with policy issues that involve detailed knowledge and judgment, such as what monetary

Journal

History of Political EconomyDuke University Press

Published: Mar 1, 2003

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