Are economists too focused on mathematical models?
A blogging friend recently pointed me to a scholarly article discussing economics increasing reliance on mathematical models.
Dr. Gibson, an engineering and economics expert, takes a strong stance against the “allure” of mathematical models, arguing that they offer no significant contribution if the importance of common sense and human interaction is ignored.
He argues, “But while the mathematicians, some of them at least, are explicit about doing math for its own sake, engineers are hired to produce results and economists should be, too.”
According to Gibson, engineers realize that data and real-life experiments are the most important. A study reveals a different focus in economic papers.