Economic Science and Practice: The Roles of Academic Economists and Policy-Makers

'Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back'. - J.M. Keynes, The General Theory of Employment, Interest and Money, 1936.

Economic Science and Practice seeks to bridge the gulf between economic theory and policy and overcome some of the problems created by the specialized nature of much economic research. A distinguished group of academic economists and experienced policy makers from both Europe and the United States shed new light on the relation between theory and practice and reflect on the current state of economics.

There is an ever present danger that modern economic theory is becoming too detached from the real world. In contrast to this concern there are those who argue that there is a risk of practitioners and policy makers relying on pre-scientific ideas or ideologies not tested against the latest scientific insights.

This book will not only help to improve communication between scientists and policy makers, but will also show how it is possible to strengthen the scientific base of economic policy and improve the social relevance of economic research and education.