Question

In "In Defense of the Dismal Science WSJ and WSJ 2." Explain the strengths of economics as described in the articles. Explain the weaknesses that are described in the articles. Which do you think is a more compelling argument and why?

Answer 1

Answer:-

The strengths of economics described in the article are:-

Economists pride themselves on being the most scientific of social scientists. This leads them to reduce all human motives and behaviour to quantifiable variables such as utility, welfare and income.

Economists preach the virtues of globalization, market solutions or cost benefit analysis.

Economists often tells the most practical ways to tackle economic problems.

The weaknesses described in the article are-

Economists are slave to the assumption that individuals act rationally and in their own best interests.

Economists consider national borders and sovereignity annoying obstacles to the free flow of goods.

No economists predicted the financial crisis of 2007-08 and the recession after it.

Economists did not predict the financial crisis but they did help to arrest it.

Economics remain an imperfect science but its strengths outweighs weaknesses because there is still sufficient demand for it.