How Economics Should Be Done
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How Economics Should Be Done

Essays on the Art and Craft of Economics

David C. Colander and Huei-Chun Su

David Colander has been writing about economic methodology for over 30 years, but he goes out of his way to emphasize that he does not see himself as a methodologist. His pragmatic methodology is applicable to what economists are doing and attempts to answer questions that all economists face as they go about their work. The articles collected in this volume are divided, with the first part providing a framework underlying Colander’s methodology and introducing Colander’s methodology for economic policy within that framework. Part two presents Colander’s view on the methodology for microeconomics, while part three looks at Colander’s methodology for macroeconomics. The book closes with discussions of broader issues.
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Chapter 15: Written Testimony of David Colander, Submitted to the Congress of the United States, House Science and Technology Committee, July 20th, 2010

Essays on the Art and Craft of Economics

David Colander

Extract

Mr. Chairman and members of the committee: I thank you for the opportunity to testify. My name is David Colander. I am the Christian A. Johnson Distinguished Professor of Economics at Middlebury College. I have written or edited over forty books, including a top-selling principles of economics textbook, and 150 articles on various aspects of economics. I was invited to speak because I am an economist watcher who has written extensively on the economics profession and its foibles, and specifically, how those foibles played a role in economists’ failure to adequately warn society about the recent financial crisis. I have been asked to expand on a couple of proposals I made for NSF in a hearing a year and a half ago.

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