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The Business of Economics$
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John Kay

Print publication date: 1996

Print ISBN-13: 9780198292227

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292228.001.0001

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Uses and Abuses of Economics

Uses and Abuses of Economics

(p.20) 4 Uses and Abuses of Economics
The Business of Economics

John Kay (Contributor Webpage)

Oxford University Press

The first part of this chapter explains why economics has enjoyed more success in answering microeconomic questions rather than macroeconomic ones. The second part responds to a number of attacks on economics, by clarifying that the foremost role of economics is to clarify our understanding and organize our thoughts rather than to help us make forecasts.

Keywords:   economic forecasts, economics, inflation, interest rates, macroeconomic models, microeconomics, Paul Ormerod, taxis, wise men

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