MIT Impact upon Economics

Source: Econlib, Jun 2015

The MIT-influenced mainstream view is that the older approach toeconomics was woolly-headed and lacking in rigor. The use of models imposes discipline and clarity where confusion once reined.

When placed next to well-executed technical papers, the older verbal and philosophical discussions are not competitive. “It takes a model to beat a model” is an often-used catch-phrase among MIT graduates.

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