Problem with economists: No ethical variable
MaxSpeak, You Listen!: CRITIQUE OF PURE REASON:
Do markets really solve all problems? Most problems? Nothing ever goes wrong? I guess it depends on how you define 'wrong.' For instance, Amartya Sen wrote a book about poverty and famines which describes how markets solved the problems of people having no money to buy food: they die of starvation, the ultimate steady state.
If oil runs out, sure there will be substitutes. How fast will these come online, if they do? How much will they cost? What will be the costs of adjustment? Will that be fun? Who knows? Markets solve problems. Solutions do not exclude freezing in the dark, a new kind of equilbrium.
Nobody should be let loose in the wild with a Ph.D. in economics unless they've been required to take three or four courses in history, preferably taught by non-economists.
Do markets really solve all problems? Most problems? Nothing ever goes wrong? I guess it depends on how you define 'wrong.' For instance, Amartya Sen wrote a book about poverty and famines which describes how markets solved the problems of people having no money to buy food: they die of starvation, the ultimate steady state.
If oil runs out, sure there will be substitutes. How fast will these come online, if they do? How much will they cost? What will be the costs of adjustment? Will that be fun? Who knows? Markets solve problems. Solutions do not exclude freezing in the dark, a new kind of equilbrium.
Nobody should be let loose in the wild with a Ph.D. in economics unless they've been required to take three or four courses in history, preferably taught by non-economists.
posted by Solomon | 11:59 AM
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