Saturday, June 1, 2013

Quote of the day

"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)
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10 comments:

  1. UnknownJune 1, 2013 at 9:27 PM

    Ahh, this quote puts a chill down my spine.

    ReplyDelete
  2. bpabbottJune 1, 2013 at 9:28 PM

    Maybe a bit of follow up? Do the authors claim a greater appreciate of laissez faire among economists? Aren't laissez faire economists a minority?

    ReplyDelete
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  5. AbsalonJune 2, 2013 at 12:59 PM

    The most significant difference between lay people and trained economists is the ability of trained economists to rationalize the suffering of others.

    ReplyDelete
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  7. RamananJune 2, 2013 at 5:21 PM

    "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.

    ReplyDelete
  8. RamananJune 2, 2013 at 5:38 PM

    Another - reminded by UnlearningEcon:

    "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.

    ReplyDelete
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  10. MinJune 3, 2013 at 12:13 AM

    Edit: "economists' greater **belief in** general equilibrium."

    :)

    ReplyDelete

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