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:

Still, I obviously agree with the quote given how I’ve described it – what are your thoughts?

3 replies
  1. Paul Walker
    Paul Walker says:

    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.

    • Kimble
      Kimble says:

      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.

      • Matt Nolan
        Matt Nolan says:

        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 🙂

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