one thing I think Austrians can perhaps appreciate at least is that by writing down the model of behavior, then seriously working through the econometric implications, you truly then highlight the seen and the unseen, which is wholly what makes economics such a challenging subject

SimpleStacker

 train that ability, but I've seen plenty of people successfully avoid actually thinking about the economics underlying their models. Tricky questions are often met with a bunch of handwaving about simplifying assumptions and tractability.

I think it's in the reasoning about identification in econometric models (which Austrians also dislike) or the incentive structure in experimental design (which Austrians also dislike) that PhD students are more forced to improve their economic thinking.

AskSN

BooksAndArticles

econ

What Makes for an Economist? (FT, Soumaya Keynes)

denlillaapan

I'd say that mathematical models *can* train that ability, but I've seen plenty of people successfully avoid actually thinking about the economics underlying their models. Tricky questions are often met with a bunch of handwaving about simplifying assumptions and tractability.

I think it's in the reasoning about identification in econometric models (which Austrians also dislike) or the incentive structure in experimental design (which Austrians also dislike) that PhD students are more forced to improve their economic thinking.