Changing Face of Economics:Conversations with Cutting Edge Economists

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The Changing Face of Economics gives the reader a sense of the modern economics profession and how it is changing. The volume does so with a set of nine interviews with cutting edge economists, followed by interviews with two Nobel Prize winners, Paul Samuelson and Kenneth Arrow, reflecting on the changes that are occurring. What results is a clear picture of today's economics--and it is no longer standard neoclassical economics.

The interviews and commentary together demonstrate that economics is currently undergoing a fundamental shift in method and is moving away from traditional neoclassical economics into a dynamic set of new methods and approaches. These new approaches include work in behavioral economics, experimental economics, evolutionary game theory and ecological approaches, complexity and nonlinear dynamics, methodological analysis, and agent-based modeling.


David E. Colander is Professor of Economics, Middlebury College.

J. Barkley Rosser, Jr., is Professor of Economics and Kirby L. Kramer Jr. Professor of Business Administration, James Madison University.

Richard P. F. Holt is Professor of Churchill Honors and Economics, Southern Oregon University.

Changing Face of Economics:Conversations with Cutting Edge Economists Review

Colander and his coauthors have provided an interesting inside view on a group of economists(some examples are McCloskey,Binmore,Gintis,Rabin,Foley,and Samuelson)whose scholarly work attempts to integrate new techniques and approaches(for example,evolutionary theory,fractals,chaos theory,catastrophe theory)into the mainstream of standard neoclassical economics.Unfortunately,this is not leading to any significant change in economics.This can easily be confirmed by reading any of the current and new economics textbooks at the undergraduate or graduate level.None of these textbooks integrate any of this new material into the teaching of economics.For example,the Mas-Collel graduate microeconomics textbook makes no attempt to integrate into its chapters on decision making the extremely important work done by Ellsberg on ambiguity.Ambiguity is introduced in an exercise problem and treated as a minor anomaly that has no real theoretical importance.A better title for the book would be "Conversations with Some Cutting Edge Economists".I especially enjoyed reading the interviews conducted by the authors with McCloskey,Foley,and Samuelson.The interview with McCloskey highlights her major point about the misuse of statistical significance levels,this time in regards to mammograms.The interview with Foley touches upon the importance of the work done by Mandelbrot on power law distributions because "...skewed,self-similar,and fat tailed distributions are extremely common in economic data...".Unfortunately,the standard neoclassical approach is to model"...according to a Normal Probability Law."(2004,pp.205-206) .Samuelson's small interview is excellent.Strangely,he has to state again for the nth time that he does not accept Say's law.He even commits a small miscue in bracketing Mandelbrot with Markowitz,Modigliani,Merton,Bachelier,Tobin,Sharpe,and Fama(2004,p.310)as regards modern finance theory.All of these individuals,except Mandelbrot,rely on the normal probability distribution.

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