The Economic Way of Thinking Can Save Lives

Source: Free Association
by Sheldon Richman

“The Cambridge economist Joan Robinson (1903-1983) wisely said, ‘The purpose of studying economics is not to acquire a set of readymade answers to economic questions, but to learn how to avoid being deceived by economists.’ Excellent point, though I would both broaden and narrow her category of suspects. I would include most politicians, bureaucrats, pundits, and social-science and humanities professors in the suspect group. And I would exclude the economists — spoiler alert: primarily those of the Austrian school, although others stand out — who paint a much more realistic picture of the world than the others do.” (01/20/23)