Trillion Dollar Economists

Chapter 15The Future of Economics: What It Means for Business and Economists

It may seem odd to end a book about the huge, often unseen, benefits of economists and their ideas, primarily for business but also for society at large, by speculating about the future of economics itself. Will economics continue to deliver these benefits, or will the field suffer diminishing returns, one of the economic propositions that has given economics its unwanted name: the dismal science?

In this concluding chapter, I explore how the economics profession is changing, where it is likely to go from here, and what the future of economics means for innovation, business, and economists themselves. I begin by describing the current and continuing revolution in economics, focusing on how it is merging with other disciplines and how the data revolution, in particular, has affected economic analysis. I then discuss how these changes in the profession will likely affect businesses and society in the coming years and decades.

As I explain below, the future of economics looks far from dismal. In fact, as the field becomes more practical, it will become ever more valuable to society. The tools and methodology of economics will influence other disciplines and enhance our understanding of how the world works. As the field becomes more empirical and evidence-based, economics will become increasingly intertwined with other technical disciplines and will play a critical role in harnessing the power of information ...