Post by Daniel Berhane Reda

(13) Just finished reading an interesting work of the economist Frank Hahn "Equilibrium and Macroeconomics" (1984). His promotion of methodological and theoretical pluralism is greatly insightful and highly relevant to today's economics ( see direct quotations below). It is, however, ironic that although Hahn ruthlessly criticizes the 'burning convictions' (p.7) of economists, he himself holds equally strong convictions and certainities in almost all of his key propositions. It seems that it is easier to put forward a principle than to strictly apply it in one's own work. 1. "… all these ‘certainties’ and all the ‘schools’ [of economics] which they spawn are a sure sign of our ignorance…"( p. 7) 2. "..we don’t possess much certain knowledge about the economic world and that our best chance of gaining more is to try in all sorts of directions and by all sort of means." (pp. 7-8)