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Economics as Anatomy

Economics as Anatomy

Economics as Anatomy, Edward Elgar Publishing, 2019.  Link to page on Elgar website

Most of my work has been concerned with the economics of innovation, but I have also been preoccupied with a second question: what is the best way to study empirical economics? In this book, I uses my knowledge of the economics of innovation to analyse the second question. There are two fundamentally different approaches to innovation: incremental innovation and radical innovation – ‘radical’ in the sense that we go back to the ‘roots’ of empirical economics and take a different tack. An essential lesson from the economics of innovation is that we need both incremental and radical innovation for the maximum beneficial effect on the economy. I argue that the same is true for economics as a discipline. This book is a sequel to Putting Econometrics in its Place, which explored what other methods should be used, and why. This book is about the best way of organising the economics discipline, to ensure that it pursues this wide variety of methods to maximum effect. I argue that economics has much to learn from the way medicine is organised as a discipline.