Epilogue: In praise of economics

Abstract

It has been common in recent presidential addresses to bodies of this kind, as well as in numerous lectures and articles, for economists to criticise rather severely the present state of our subject, or at least to call in question some recent tendencies. This is by no means an unhealthy development. It is, I think, an indication that ours is a flourishing subject that can take such self-criticism in its stride (though I sometimes wonder whether such repeated pronouncements may not perhaps be a little discouraging to young men and women thinking of embarking on a career as an economist). I happen to agree with many of the criticisms that have been made; and if I had been giving this address a few years ago I might well have emphasised the failings and failures of our profession. But I think the time has come to redress the balance, and that it may be proper if on this occasion I do something to defend the profession, and for a change sing the praises of economists — and of our subject — even if I do so in rather muted tones, as befits a practitioner in a subject that has no need of self-advertisement.