Words Worth Noting - July 20, 2022

“The most common doubt about economists stems from their apparent inability to agree, best captured by George Bernard Shaw’s line that ‘if all economists were laid end to end, they would not reach a conclusion. But economists’ hard-core detractors recognize the superficiality of this complaint. They know that economists regularly see eye-to-eye with one another. A quip from Steven Kelman directly contradicts Shaw: ‘The near-unanimity of the answers economists give to public policy questions, highly controversial among the run of intelligent observers, but which share the characteristic of being able to be analyzed in terms of microeconomic theory, reminds one of the unanimity characterizing bodies such as the politburo of the Soviet Communist Party.’ It is not lack of consensus that incenses knowledgeable critics, but the way economists unite behind unpalatable conclusions, such as doubts about the benefits of regulation.”

Bryan Caplan, “The Myth of the Rational Voter: Why Democracies Choose Bad Policies,” Cato Policy Analysis #594 (May 29, 2007)