Let Me Lend You a Hand: How Behavioural Economics Can Restore Trust in Science

By Noah Peters.

Society’s declining trust in science in general and economics in particular is a much debated topic. Martin Wolf’s recent commentary for the Institute of New Economic Thinking (INET) is only one way of addressing the conundrum. This blog post draws on two prominent contentions underpinning the obscure notion of distrust in economics. Firstly, economists (allegedly) live in their ivory towers surrounded by mathematical formulas no outsider would even vaguely understand. Secondly, they are accused of not being able to adequately forecast crises, let alone fend them off.

One increasingly influential sub-discipline in economics tries to overhaul these …