In Defense of Useless Economics

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11620%2F25%3A10508405" target="_blank" >RIV/00216208:11620/25:10508405 - isvavai.cz</a>
Result on the web
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=QirwgU1nmy" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=QirwgU1nmy</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
In Defense of Useless Economics
Original language description
Although the assertion that economics should be as relevant as possible to real-world problems is uncontroversial when it comes to applied work, it is less persuasive when extended to economic theory. This paper contends that economic theorists ought to be exempt from the demand for immediate practical relevance for two reasons. First, research that appears useless in the short run can prove highly valuable in the long run. Second, the ultimate aim of economic theory is to help create a coherent picture of the world we inhabit, a goal independent of direct applicability. Moreover, because the activities of theorists and applied economists differ in important ways, economic theory and applied economics should retain their relative autonomy.
Czech name
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Czech description
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2025
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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