Thursday, June 24, 2010

Doctors vs Economists

The jobs of doctors and economists is similar in that both play an important role in guiding decision makers (patients and policy makers) through complicated decisions with lots of uncertainty. It is interesting that the two groups approach this role in starkly different ways.

Doctors are taught to provide an "opinion". Of the myriad of choices, the doctor will choose one to tell the patient. Doctors tend to gloss over the actual evidence or reasoning behind their choice.

In contrast, economists are very reticent to actually state which choice they prefer. Economists tend to focus on explaining the costs and benefits of various choices, leaving it to the decision maker to do the actual weighing and making the final decision.

In medicine only way to get multiple choices is to have multiple doctors with different opinions. How then to choose between the opinions?

In policy making the only way to get an opinion is to find a "one handed economists".