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Comments on: Quote of the Day: Nordhaus and Samuelson http://www.tvhe.co.nz/2011/03/22/quote-of-the-day-nordhaus-and-samuelson/ The Visible Hand in Economics Mon, 28 Mar 2011 07:32:51 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: raf http://www.tvhe.co.nz/2011/03/22/quote-of-the-day-nordhaus-and-samuelson/#comment-33024 Mon, 28 Mar 2011 07:32:51 +0000 http://www.tvhe.co.nz/?p=5795#comment-33024 That’s a fair comment. However, to what extent have economists (some not all) been responsible for those policies. The descendants of Mont Pelerin, for example, have been fairly insistent that their perspective be put into practice.

So perhaps it’s better to say that economists perform a variety of functions within the political sphere, some recording, measuring, predicting and explaining and some more focused on influencing and changing policy. I would agree that the former is the more correct role.

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By: Matt Nolan http://www.tvhe.co.nz/2011/03/22/quote-of-the-day-nordhaus-and-samuelson/#comment-33017 Sun, 27 Mar 2011 20:13:53 +0000 http://www.tvhe.co.nz/?p=5795#comment-33017 @raf

Given that the price of the basket of goods purchased by those on low incomes prior to 2007 had grown a lot less sharply, the share of consumption between declines was actually a lot more equitable.

Also, if there have been unequitable outcomes, why blame the economists who can only talk about design and not blame those that implement the policies – the politicians. Politicians, and society more generally, have been unwilling to distribute income in a more equal fashion – how is that the fault of economists who merely describe what is going on.

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By: raf http://www.tvhe.co.nz/2011/03/22/quote-of-the-day-nordhaus-and-samuelson/#comment-33007 Sun, 27 Mar 2011 05:07:22 +0000 http://www.tvhe.co.nz/?p=5795#comment-33007 So that suggests economics has been completely hopeless over the last 20 years with the incomes of the bottom 5 deciles of the population actually falling. Where’s all the money gone?

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By: Carla E. http://www.tvhe.co.nz/2011/03/22/quote-of-the-day-nordhaus-and-samuelson/#comment-32903 Tue, 22 Mar 2011 19:02:34 +0000 http://www.tvhe.co.nz/?p=5795#comment-32903 Awesome quote! This is actually my first time visiting your site and just wanted to say that I really enjoyed your content. I look forward to your upcoming posts 🙂

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