Answers are grounded in this paper and cite their sources.
Some of this century's many valuable contributions to economics, like macroeconomics, econometrics, and game theory, are widely recognized. However, arguably equally important is the enhanced role of empirical study permitted by more abundant data and improved methods. Also insufficiently recognized are the increased rigor and use of applied economics in public finance, regulation, corporation finance, etc., employing abstract theory and sophisticated data analysis. The striking contrast with earlier intuitively based applied economics and empirical study is illustrated. Comparison with Marshall's <it>Principles</it> also indicates that, except for macroeconomics, remarkably little space in today's texts deals with some ofthe rich contributions ofthis century.
No takes yet. Share an insight, caveat, or question.
William J. Baumöl (2000) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: