Economists on the catwalk – David Warsh: Knowledge and the Wealth of Nations

Abstract

Purpose

“Economists on the catwalk” provides an analytical review of the book Knowledge and the Wealth of Nations by David Warsh, with suggestions for a more comprehensive and accurate approach to the issues involved. Its purpose is to track the changes in economic thinking leading up to, and beyond, the theory of “Endogenous New Growth Theory” put forward by Paul Romer between the mid‐1980s and the mid 1990s, analyzing the part played by the current systems of peer‐review, academic funding and recruitment in university economics departments.

Design/methodology/approach

The paper discusses the book in the context of modern economic theories and developments in the field of economics from a broad‐based historical, global, multi‐cultural twenty‐first century perspective.

Findings

There has been a radical transformation in economic thinking over the past decade that is forcing a re‐evaluation of economic theory and teaching. A different approach to the subject is required to ensure that it remains relevant and applicable in the rapidly changing modern world.

Originality/value

The paper introduces the “waltz motif” theory of economist Peter Jay as a methodology for tracking trends in national economies; the concept of the “Battle of Ideas” in academic disciplines and in our lives; the process of knowledge acquisition; and the impact of the changing social contract. The paper is of particular value to teachers of economics and professional economists interested in an innovative, thought‐provoking approach to their subject and in the future of economic research as it is currently conducted in academic environments.

Citation

Martin, C.K. (2007), "Economists on the catwalk – David Warsh: Knowledge and the Wealth of Nations", On the Horizon, Vol. 15 No. 4, pp. 245-251. https://doi.org/10.1108/10748120710836264