Economics gets out more often: Using extramural citations to assess economic scholarship, by Josh Angrist, Pierre Azoulay, Glenn Ellison, Ryan Hill, and Susan Lu: The 2017 Nobel in Memorial Prize Economic Sciences, awarded to University of Chicago’s Richard Thaler, has given behavioural economics well-deserved recognition. Thaler and colleagues are fascinated by differences between economists’ benchmark model of rational decision-making and the seemingly irrational decisions that psychologists hope to explain. Behavioural economists work in the space between these two social sciences. This intersection is a recent development: as Camerer (1999) observed, “[E]conomists routinely – and proudly – use models that are grossly inconsistent with findings from psychology.”
Some hold the opinion that the distance between economics and other social sciences reflects the insularity and hubris of economists. Fourcade et al. (2015) argued that academic economics is characterised by a self-serving sense of superiority that reflects the guild-like structure of our discipline (two of the three authors are sociologists). Thaler’s prize reminds us that economics is the only social science for which there is a Nobel. Many economists claim the ear of kings and princes, and most have plenty of outside opportunities to make a buck. Following the Great Recession, this has prompted external critics of the discipline (and some from within, like Zingales 2013) to ask whether our mission of pure scholarship has been corrupted or devalued.
A lonely island?
Our recent paper looking at 'extramural citations' attempts to gauge the scientific standing of academic economics research (Angrist et al. 2017a). We find that the polemical claims that economics is an insular social science are out of date. Economics pays less attention to other social sciences than do political science and sociology – but Figure 1 shows that, since around 1990, this insularity has declined. Economists are now more likely than psychologists to cite other social science disciplines (left-hand panel).
Measured by citations to non-social-science disciplines, economics looks even less insular. ...