Whether economics warrants public trust depends on the extent to which assertions by economists can be deemed credible. Three examples from microeconomics are examined to assess how the discipline performs in this regard. First, a purely theoretical argument with broad conceptual implications: a quasi-evolutionary argument for rational choice based on the notion of money pumps. Second, a modelling-related claim with significant social implications: economists’ objection to minimum wages based on a simple supply-demand model. Third, methodological choices with implications for all (...) empirical work in microeconomics: the recent proclamation of a ‘credibility revolution’ in applied microeconomics through the use of experimental and quasi-experimental methods. These are assessed against proposed criteria for credibility: epistemic validity, epistemic reliability, and epistemic reflexivity. On the basis of the performance of the discipline against these criteria on the examples considered, I conclude that public distrust of economics and economists can be well-founded. (shrink)

Reluctance to endorse mask wearing to slow transmission of SARS-Cov-2 has been rationalized by the failure of randomized control trials (RCTs) to provide supportive evidence. In contrast, a mechanism-based approach suggests that mask wearing should be expected to reduce transmission: so that contrary evidence from RCTs likely reflects the need to focus policy attention on addressing interacting or mediating factors that offset the basic positive effect. The differing conclusions that result from these two approaches reflect the limitations of RCT-based approaches (...) that are compounded in scenarios, such as pandemics, where urgent decisions are required with limited evidence. (shrink)