Should economists be dealing more with real world problems and less with mathematical theories?

Question

I am not saying theories aren't useful. But most economists deal only with theoretical models and not at all with real data, or economic problems that affect real people.

Answer 1

Teaching Economics
I think that it depends on their occupation. There should be some economists that teach the concepts for the future economists. Hopefully, in their teachings they can use some real world examples. The real world examples, make it easier for non economists to relate.

Freakonomics
I recently read a book titled - Freakonomics. The authors did a great job of presenting some everyday problems and applying the causes and effects using economic theory.

Real Economists
Of course, there should be some economists that actually analyze the real world data. It is up to the economists to analyze that data and predict what might happen. A good economist would present a best case scenario and a worst case.

If you enjoy economics and a good read, I would highly recommend Freakonomics. See the link below for details.

Answer 2

As someone who just got their BA in Economics, I partially agree. A lot of what you learn in undergraduate work is theoretical however it really has to be to understand any of the economy. There are millions of factors that effect things like unemployment, interest rates/inflation, etc. To look at every factor that effects these really world problems would be a waste of time. Some variables have a minute effect on the larger picture while others are more important. In my opion, economics needs more math to more accuratly prove what is effecting the price of milk - not that most people really care. Most economists that have anything important/meaningful are dealing with real world problems. Though it may not be what affects your world.

Answer 3

If economists wanted to deal with real world problems, then they wouldn't have become economists! The study of economics is a theoretical science anyway. They all should have become accountants like their mothers told them!

LOVE YOU YUMIO!

Answer 4

I think so. Imagine if instead of models, economists were considering the effects of oil pricing...or the economic impact of hurricanes on our nation...or, or, better yet, how to solve these problems, anticipate them, etc.

Darn, Yumi, you ask good ones. :)
~Tia~
Live from the big, purple brain

Answer 5

Theories are used to predict what will happen next, so we need theoretical models.

Answer 6

economics studies human nature and mathematics is not a part of nature.