Economists telling fairy tales

3 Jan, 2019 at 00:02 | Posted in Economics | Comments Off on Economists telling fairy tales

MAD-Magazine-Alfred-Quote-Thumb_56d9faade962a4.45249552An important point is implicit. Economics is not hard because of math. The math in even graduate level economics is no greater than in sophomore physics. Classical economics is hard because it can attack social problems in a value-free, cause-and-effect way, and upends the little morality stories that most people use to think about those problems — rents are high because landlords are greedy.

John Cochrane

Mainstream economists “attack social problems in a value-free way”? Only a Cato Institute fellow could come up with such nonsense!

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