List three characteristics of an economist as a scientist and three characteristics of an economist as a polic
Answer:
Now if this is for homework, I'd suggest you read the your book, but here are my thoughts:
Economist as a scientist:
1)Economists base their theory on observation. Economists go to the data, observe patterns and oddities.
2) Economists build theory and models to explain data, then attempt to test their models. While tests are not in controlled environments, economists try to find situations which were not observed in the original observations but are predicted by the model and use these situations as a test of the model.
3) Economists attempt to remain unbias by sticking closely to accepted methodology. While economists may have political opinions, good methodology: not politics should guide results.
Economists as a policy advisor:
1) Economic models can be used to predict the results of policy. Therefore economists can provide expected results to policy makers and businesses.
2) Economic thinking emphasizes the consideration of all possible results of an action. Economists have an intuition for spotting unexpected consequences of policy decisions.
3)Given a policy objective, econimists can provide an optimal path for achieving that objective using economic models.
A great example is the economist labor Michael Keane who created a very complicated economic model which predicted the results of welfare reform in the 90s and provided a better option for reform which is now being used in Britain. Another example is the work of Kydland and Prescott which redefined how we think about business cycles which has effected the amount of intervention thought to be appropriate to prevent business cycles.
It is the scientific methodology applied to social issues which has allowed economists to be useful in providing policy advise. Policy has adjusted with advances in economics, changes from early econometric models to the reforms responding the the Lucas critique to new structural econometrics. The role of an economist as an advisor has shifted as a result of each shift in theory.
Seriously though, you won't learn unless you do your own homework.
The answers post by the user, for information only, FunQA.com does not guarantee the right.
More Questions and Answers: