Friday, January 9, 2009

How economists see (saw) the world

If, like every university, the American Economic Association had a coat of arms, its obligatory Latin banner might read: “Est, ergo optimum est, dummodo ne gubernatio civitatis implicatur.” (”It exists, therefore it must be optimal, provided that government has not been involved.”) ...

And thus the economics profession slept comfortably as Wall Street was imploding. One can only hope that the medical profession would do better, should America ever be struck by a serious epidemic.
--Uwe Reinhardt, Freakonomics blog, on economists' instinct

No comments: