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Cambridge Journal of Economics 2005 29(6):927-941; doi:10.1093/cje/bei078
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

The future of economics: the appropriately educated in pursuit of the knowable

David Colander*

* Middlebury College

Address for correspondence: Middlebury College, 215 Munroe Hall, Middlebury VT, 05753 USA; email: colander{at}middlebury.edu

Abstract

This paper argues that, currently, significant change is taking place in economics because (1) technological changes in analytic and computing methods are opening up new avenues of study, and (2) the ‘low hanging fruit’ from previous approaches and methods have already been picked. It offers a vision of the future of economics that sees economists focusing less on the study of infinitely bright agents operating in information rich environments and more on the study of reasonably bright individuals operating in information-poor environments. Agent-based models and computer analysis of data will increase in importance, and deductive analytics will decrease in importance.

Key Words: Agent-based model • Complexity • Vision • Muddling through

JEL classifications: A1, A2, B2

Manuscript received October 20, 2003; final version received September 24, 2004.


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