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Abstract

Some people consider that economics has undergone something of a crisis in recent years and that it has promised more than it can live up to. In this article, Kurt W. Rothschild presents his view on the state of a subject that he has studied since 1934. His methodological position is that economics cannot be a hard science and that ‘exactness’ outside of the realm of ‘logical’ models is futile. A multi-paradigmatic approach is necessary, and we should remember that all sorts of methods, both orthodox and unorthodox, have contributed to new insights and theories. The article is a contribution to a series of recollections and reflections on the professional experiences of distinguished economists which the Banca Nazionale del Lavoro Quarterly Review started in 1979.

JEL Codes: B31