Date of Original Version

1988

Type

Working Paper

Rights Management

All Rights Reserved

Abstract or Description

Progress in economics, as in any developed science, is achieved by a combination of new insights, that change the way an issue is perceived and steady development, exploration and testing within an established framework. Both are important. Without new insights, eventually any field becomes sterile. Without detailed investigation, testing, and scholarly discussion economics can become dependent on rhetoric and clever argument but divorced from reality.

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