Horses for Courses

All economists adopt a methodological stance of some kind. These stances are manifest not only in implicit research criteria but also in the advice they offer each other and many of the questions they ask. Familiar examples of the sort of questions and advice that I have in mind include: ‘What’s your model?’; ‘Have you tested it?’; ‘Don’t think about it, just do it’; ‘Avoid discussions about the use of mathematics’; ‘Be rigorous’; ‘Does it have micro-foundations?’; ‘Does it have a (unique) solution (equilibrium)?’; ‘Does it support interventionist (laissez-faire) policy conclusions?’ And while various expressions of this sort are regularly employed by Geoff Harcourt, there is one recommendation that I have heard (or noticed?) him use rather more often than any other. It takes the form of the slogan ‘horses for courses’. Its usage in the scientific-methodological context is not unique to Geoff; but, perhaps because I have had the opportunity to interact with him so frequently, I associate it with Geoff before anyone else. In fact, although many who hear this slogan usually give it an immediate nod of approval (which is an interesting phenomenon in itself) I cannot think of any other person who so regularly employs it. ¹