Math is too hard for Economics students?

The New Yorker ran an article about how math is too hard for Economics students.

My experience is that most Economics programs are not math-intensive. Maybe the top programs are – Harvard, Chicago, London School of Economics – because they can be. That is, a diploma from one of the top schools means you can do it all. If you can’t do it all, lower your expectations.

There are some math-phobic students (and professors) who want the high-prestige diplomas without the hard math. Piketty – like many celebrities – self-promotes by trivializing the institutions that got him where he is. He sounds a bit like someone in XKCD.

The reality is that there are some very important theories of Economics that require hard math. Will every economist need them in practice? No, not any more than most composers, computer scientists, or satellite engineers will need to use their foundational knowledge under normal circumstances. That’s not why they learn it: they learn it to be prepared for unusual circumstances.

The truth is that macroeconomics has a surfeit of competing explanations for almost everything – it doesn’t suffer a lack of out-of-the-box thinking. But it does suffer a shortage of sound ideas that can be tested theoretically and/or demonstrated through data. That’s where the hard math comes in.

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