Professor of Economics Emeritus Dr. J. Patrick Raines, former dean of the Jack C. Massey College of Business at Belmont, recently wrote an editorial entitled “An Evolving Discipline” that was published in the Letter to the Editor section of the July 24 issue of The Economist.
The editorial was in response to an article entitled “Economics Needs to Evolve” in the June 26 issue that stated contributions of behavioral economists, such as Raines, should receive more recognition for explaining real-world outcomes.
Raines writes, “You are to be thanked for vindicating the careers of evolutionary and institutional economists who have spent their lives seeking to explain real-world behaviour and economic outcomes (Free exchange, June 26th). Some examples of that insightful literature include the notion that fluctuations in share prices are the result of speculative instincts rather than fundamental investing; higher education is more about selling a curriculum by captains of erudition rather than intellectual development; and elections are determined by the ‘common man,’ who votes for governments that support the interests of big business.”
Those with a subscription to The Economist can read the article here.