Wed, 13 Jul 2005

Economics as opinion

It seems clear to me that many people interpret differences between economists as evidence that economics is solely in the realm of opinion. I disagree with this conclusion. Economists disagree on the things which are not yet decided. Economics is very much a live discipline at this time. The person who brought transaction costs (Ronald Coase) to our attention is still alive! The founders of the public choice school of thought are still alive.

Unfortunately, economists do not do a good job informing people of the things which are well decided, about which differing opinions are not valid. It's not news when a controversy is resolved. People don't read the news for agreement; they read it to find out about controversy.

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