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Economic Policy Under Uncertainty
The Role of Truth and Accountability in Policy Advice
Economic Policy under Uncertainty maintains that the question of truth and accountability has not received particular attention in the literature on economic methodology. It goes on to argue that pragmatic theories relate concepts of truth to the beliefs, thoughts and intentional actions of individuals, blurring the relationship between theory and practice. Focusing on the conditions that make it possible to consider economic policy advice a reliable basis for action and at the same time justifiable in a broad public discourse, the contributors address the difficulties faced by economic policy makers when basing policy decisions on economic advice. They avoid dualistic alternatives between truth-oriented academic theory and economic policy practice and remove the epistemic privilege for academic economists. The question of how economists can be made accountable for policies made as a result of their counsel is also examined.
Exploring real-world difficulties encountered in giving and receiving economic policy advice, this book will be of great interest to economists who wish to reflect on the stance of their discipline, philosophers with an interest in economic issues and economic policy advisers considering the particularities of their subject.
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What Reviewers Are Saying
'This collection is a serious examination of many issues that most economists probably take for granted. As such, it is a welcome reminder and valuable contribution... academics and practitioners alike will benefit if the interest is in taking a hard, reflective look at their trade and getting a strong update on the state of thinking about the philosophy of economics and economic policymaking.' -- Edward J. Lopez, Journal of Markets and Morality