Sebastian Gregorius Winther-Larsen: Economics: The Unnatural Science?

In the natural sciences we apply the scientific method in order to uncover the basic rules and principles that govern nature: we make observations, formulate hypotheses, test these hypotheses with experiments and develop theories. Rinse and repeat. But what if you are unable to conduct experiments? Or if the underlying rules suddenly change? These are the difficulties an economists are faced with. In my talk I hope to shed some light on general economic thought and how one goes about modelling “the economic machine” that emerges through human interaction. If the time allow, I will also provide an example of economic cost/benefit analysis done by Menon Economics for the Norwegian Coastal Administration.

Pizza after the seminar.