chapter  10
Management Research and Management Practice: Learning From Our Colleagues in Economics
Pages 8

About 1 year ago, an article entitled “The Decline of Economics” appeared in the New Yorker magazine (Cassidy, 1996). In this article the author describes how, in the 50 years since the death of Keynes, economics has moved from a field that commanded considerable attention from governments and business to “an abstruse discipline that often appears to resemble a branch of mathematics” (p. 50). The results of this transformation are noteworthy. Once economics was revered by world governments; now politicians ignore the dismal science. Once the majority of doctoral students who studied economics were U.S. citizens; this group is now a clear minority. Once economics departments were common in our biggest corporations; now, many of these departments have been shut down.