This is a recording of the debate hosted by the LSE Economic History Department, in collaboration with the LSESU Economic History Society and the LSESU Economics Society.
Proposition Team – Lord Robert Skidelsky & Dr. Ha-Joon Chang
Opposition Team – Prof. Steve Pisckhe & Prof. Francesco Caselli
Chair – Professor James Foreman-Peck
The LSE is currently the only institution to have a separate EH department. We want to encourage students and academics alike to rethink the methodologies used to explain how our world works.
Do we use the theoretical and econometric method to create models with assumptions to distill the complexities of human nature and produce measurable results? Or do we use the historical process of considering all factors to provide a more holistic explanation? More importantly, which method should be adopted to better understand increasingly complex economic phenomena in the future?
We are striving to provide our students breadth that exceeds their current theoretical studies. Hence, whilst we recognize the importance of economic history in allowing us to become closer to the truth and produce more intricate portrayal of events, the significance of models and mathematics remains to be emphasized.
Indeed, we wish to have this controversially named debate in order to both highlight the tension between the two disciplines and to produce a more nuanced overview in defence of the future of Economics.