The Age of In-Between Economists

A weakness of our profession – and perhaps of humans generally –  is that we want to classify. Thus we categorized ourselves and each other as neoclassical, institutional, Keynesian, Marxist and Chicago economists. To some extent, these labels have always been problematic. Where to put John Kenneth Gailbraith, Albert Rees, or Herbert Simon for instance? Moreover, classifications always seem to fall apart when you look too closely.

Over the past years, however, things have become more complicated still with a new generation of economists who, consciously or not, constantly position themselves in between whatever labels and domains are out there. Herbert Gintis is a Marxist, game theorist, behavioral economist, and institutional economist depending on the occasion. Robert Shiller is anything in between traditional finance, behavioral finance, and an applied type of finance research that is more concerned with solving problems in the here and now than advancing a new theory. And then there is someone like Benjamin Friedman. As an economist, I never know where to situate Benjamin Friedman for my students.

Postmodernism may be long gone, but this is the age of the in-between economist. We, the economists, do a paper that may be classified as belonging to this category, but tomorrow we’ll do a paper that may be put into that category. And we don’t really care what these categories are, as long as you classify us and our work in their totalities as in-between.

Interestingly enough, though, we definitely are economists, not sociologists, politicians, writers, or whatever. We’re very much in-between, but we’re also very much economists.

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