John P Watkins

An Introduction to Economics as an Interpretive Science John P Watkins

Economics is about making the world a better place. Economists differ, however, in how they interpret the world. This book places the ideas of both mainstream and heterodox viewpoints in the context of the origins and evolution of capitalism. This book rests on a number of propositions. First, intellectually curious students learn best when presented with paradox, ambiguity, and contradiction. Paradox follows from the underlying theme: are economic phenomena reducible to the choices of individuals? Or are choices channeled by the underlying institutions, by sets of humanly created rules? The confusion imposed by different points of view help intellectually curious students use the ideas presented to find their own way. If truth be found, it lies in sampling different ideas, listening to different stories, and allowing students to decide for themselves. Second, students learn better when presented with clear, concise writing. I have taken the advice of Deirdre McCloskey: clarity stems from brevity, applying efficiency to the written word. Third, learning economics is about telling stories, applying economic ideas to understand real-world problems. Economics is much like advanced kindergarten: we connect dots, draw pictures, and tell stories. The key lies in the stories, mappings between theory and reality. Let the stories begin