Wednesday, March 9, 2011

Deep Thoughts

. Wednesday, March 9, 2011

Tyler Cowen has two posts up about bad tendencies of economists, one for right-leaning and one for left-leaning. But really both are the same post, and all the items in them sum up to two things:

1. Economists don't understand politics.

Therefore (or also),

2. Economists don't understand economics.

The problem is that economists study how to maximize aggregate utility in a social environment in which that is literally no one's priority. There is some value in understanding the realm of the possible, but it needs to be tempered by context.


Deep Thoughts




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