Economic Science and Practice seeks to bridge the gulf between economic theory and policy and overcome some of the problems created by the specialized nature of much economic research. A distinguished group of academic economists and experienced policymakers, from both Europe and the United States, sheds new light on the relation between theory and practice and reflects on the current state of economics. There is an ever present danger that modern economic theory is becoming too detached from the real world. In contrast to this concern there are those who argue that there is a risk of practitioners and policymakers relying on pre-scientific ideas or ideologies not tested against the latest scientific insights. This book will not only help to improve communication between scientists and policymakers, but will also show how it is possible to strengthen the scientific base of economic policy and improve the social relevance of economic research and education.