Posts in Economics
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)

If what we're experiencing isn't broken government, what would it look like?

In my latest Epoch Times column I say people arguing over whether government in Canada is “broken” should devise a checklist of the attributes of a genuinely broken government and then see how many of them we’ve got.

Words Worth Noting - July 6, 2022

“Popular writing in this connexion is far below the zero of knowledge or common decency. On this plane, not only is any real knowledge of the Classical writers non-existent but, further, their place has been taken by a set of mythological figures, passing by the same names, but not infrequently invested with attitudes almost the exact reverse of those which the originals adopted. These dummies are very malignant creatures indeed. They are the tools or lacqueys of capitalist exploiters – I think that has the authentic stylistic flavour. They are indefatigable opponents of social reform. They can conceive no function for the state other than that of the night watchman.... Now, doubtless, the best remedy for this state of affairs would be that people should once more turn to the original texts. I hope that this... is what will happen in those universities which are once more insisting on some minimum knowledge of the history of economic thought. But, since life is short and the literature is extensive, there is perhaps something to be said for yet another attempt to get the wide field into something like a correct focus.”

Lionel Robbins The Theory of Economic Policy in English Classical Political Economy