"One of the most significant differences between trained economists and the lay public is economists' greater appreciation of general equilibrium".
- Akerlof, Dickens, and Perry (2000)
Saturday, June 1, 2013
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Ahh, this quote puts a chill down my spine.
ReplyDeleteMaybe a bit of follow up? Do the authors claim a greater appreciate of laissez faire among economists? Aren't laissez faire economists a minority?
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There is certainly a lot to learn about this issue. I love all of the points you have made.
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The most significant difference between lay people and trained economists is the ability of trained economists to rationalize the suffering of others.
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"I sometimes think that the general public would know more about economics if the economists did not exist" - Francis Cripps, The Guardian, 27 Feb 1979.
ReplyDeleteAnother - reminded by UnlearningEcon:
ReplyDelete"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists."
- Joan Robinson, 1955, “Marx, Marshall And Keynes”, Occasional Paper No. 9, The Delhi School of Economics, University Of Delhi, Delhi.
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Edit: "economists' greater **belief in** general equilibrium."
ReplyDelete:)