The history of electricity may have been particularly compelling to the economists of the Modern movement. Around the same period, Benjamin Franklin and Adam Smith were each pioneers in their individual field, and much of their work became the basis upon which those who followed built. The study of electricity began with experimentation. Theories were created explaining individual aspects of electricity and its behavior. Next, models were used to illustrate ideas and provide further insight. Finally, straightforward equations were used to summarize ideas. Mathematics became the primary tool for James Clerk Maxwell and the other great minds involved in the investigation of electricity.
The advancement of economics as a field followed a similar course. At the time of the Modern movement, economists were moving away from models, and mathematics was on the verge of becoming the field's lingua franca.
A for Jim.
ReplyDeleteIsn't that an amazing thought: it wasn't until the 1920's that engineering schools started adding science and math faculty.
Warsh is asserting that economics is following the same arc: we start by telling stories, and we have to shift into math to grasp tougher ideas.