Discussion Tuesday
I wasn’t too sure about buying the Martin Wolf book (as it is no longer the area I’m working in), but with a great quote like this in an A&A I’m going to have to buy it:
Martin Wolf on humility and economics, from a Q&A at Vox about his new book (http://t.co/s5Z2brNauU)… pic.twitter.com/kvKHpYnhBs
— Cardiff Garcia (@CardiffGarcia) September 12, 2014
Still, I obviously agree with the quote given how I’ve described it – what are your thoughts?
What Martin Wolf has to understand its that is comparative advantage that matters. Economists may not know much but its more than anyone else knows.
Economists know a lot.
Economist does not.
Econ student has a negative amount of knowledge.
“I rely on common sense” lay person is dividing by zero.
Hey guys,
I view the humility here as being based on the knowledge necessary to “design” – as economists try to study “what is” there is a temptation to start believing we know “what is” … when in fact the world is more complicated than that. So we need to be careful making policy to try and “achieve outcomes”.
I’m sure that is a point you’d both agree on 🙂