The Craft of Economics: Lessons from the Heckscher-Ohlin Framework

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Edward Leamer critiques the Heckscher-Ohlin framework for global competition, exploring the craft of economics through a personal lens. He highlights the balance between formal mathematical rigor and informal prose, suggesting that while later economists provided precision, they often sacrificed usefulness. Leamer advocates for a return to more prose-driven economics, arguing that today's model-heavy approach can lead to faulty reasoning and unclear communication. His insights challenge the current trends in economic thought, emphasizing the importance of clarity and practicality in the discipline.