American economics coming of age

Coming of age refers to a young person becoming an adult, and is one of those universal and timeless themes in art. It is associated with uncertainty about one’s identity and requires experimentation. But it also involves an increasing sense of the bigger world and an awareness that one may have the ability to steer this world a little bit in a direction of one’s own liking.  Later in life, when the novelties of adulthood have become self-evident and one’s position and family secured, that brief coming of age period is treasured as the experience that gave meaning to everything that came after. For the rest of our lives we (and men in particular) tend to judge the novels, music and even arguments appreciated during this time as the best in their categories.

This is how we should read the recently published Top 20 articles in the AER of the past hundred years, composed by Arrow, Bernheim, Feldstein, McFadden, Poterba, and Solow. It documents how American economics came of age during the post war decades, the struggles it had to go through, its experiments, its crises of identity, and even its cherished childhood memory. At the same it is a testimony to the authors’ coming of age as economists between the 1950s and the 1980s. AER’s Top 20 paints a beautiful, romantic picture of the long and winding road that led to the top.

The flip side of all the uncertainty, experimentation and identity crises in this process of coming of age is narcissism, self-love, and overestimation of one’s own achievements. Given American economics and these economists’ position and (late) middle age point of view one would have hoped for a little more reflection on how their coming of age has influenced their judgment of quality.  One would also have expected a greater appreciation of the influence of others and of the particular historical circumstances in which the coming of age happened to occur. AER’s Top 20 is a great story and romanticism at its best, but it’s not history.

But enough whining. When will we get the Econometrica Top 20?

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