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It May Work In Practice, But Does It Work In Theory? Explaining The Trend Towards “Do-It-Yourself” Economics, Paul R. Koch

Scholar Week 2016 - present

In 1986, the late David Henderson, the former chief economist at the Organization for Economic Co-Operation and Development (OECD), published a book entitled Innocence and Design: The Influence of Economic Ideas on Policy, which were based on his Reith Lectures from the previous year. In this book, he outlined the elements of a concept which he defined as “do-it-yourself economics,” which emphasized a case-by-case approach to economic policy, as opposed to one that was associated with a comprehensive vision or theory. Some of the following statements constitute examples of “DIY economics” at work:

• Industries or activities can be classified as …