The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant -- that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.
Paul KrugmanRelated topics
adam alternative deep economics everyone few find follow hard history intellectual john kind line might need opinion quite simple straight technical tell thought yet Keynes Milton Friedman runs reassuringRelated quotes
One recent history of economic thought (Jürg Niehans's A History of Economic Theory) devotes twenty-four pages to Samuelson's ideas. Adam Smith only gets thirteen. Samuelson's work on stock markets and the random walk takes up less than two of those twenty-four pages. He was "the last generalist in economics,” as he liked to say, and for him financial market studies were just a side project that he at times seemed deeply ambivalent about. His intervention was, however, crucial to the triumph of the random walk. Here was one of the most important economists of all time, and he didn't think the relationship between coin flips and the stock market was a dinner-speech triviality.
Justin Fox
I wasn't aware of Chargaff's rules when he said them, but the effect on me was quite electric because I realized immediately that if you had this sort of scheme that John Griffith was proposing, of adenine being paired with thymine, and guanine being paired with cytosine, then you should get Chargaff's rules. I was very excited, but I didn't actually tell Chargaff because it was something I was doing with John Griffith.... This was very exciting, and we thought "ah ha!" and we realized - I mean what anyone who is familiar with the history of science ought to realize - that when you have one-to-one ratios, it means things go to together. And how on Earth no one pointed out this simple fact in those years, I don't know.
Francis Crick
The first act of my public life was to publish my views and opinions of the evils under which Ireland laboured, and that subject is one that, amidst all the public questions in which I have been engaged, I have always had deeply and painfully at heart. I know I am taunted by some of my friends with giving a bad vote on this occasion. I shall give a conscientious vote, and if in doing so I am to make personal sacrifices, and lose the good opinion of those with whom I have long acted and have a deep respect for, I shall regret it; but, next to the satisfaction of having acted conscientiously, will be that I shall feel in voting for that which I believe will tend to heal the festering wounds of Irish society.
Richard Cobden
It's true that my initial training was in mathematics. However, almost by accident, I happened to take a course from Kenneth Arrow on "Information Economics,” which was so inspiring that I decided to change direction. It seemed to me that economics combined the best of both worlds: the rigor of mathematics with the immediate relevance of a social science. As for how much math I would recommend, I'd say that basic analysis, including measure theory, is certainly very useful. Also, linear algebra and stochastic processes always helps. But beyond that, I don't think a huge mathematical investment is necessary to do economic theory unless you are planning to work in an extremely technical area.
Eric Maskin
We no longer have political movements. While thousands of us may come together for a rally or march, we are bound together on such occasions by a single shared interest. Any effort to convert such interests into collective goals is usually undermined by the fragmented individualism of our concerns. Laudable goals-fighting climate change, opposing war, advocating public healthcare or penalizing bankers-are united by nothing more than the expression of emotion. In our political as in our economic lives, we have become consumers: choosing from a broad gamut of competing objectives, we find it hard to imagine ways or reasons to combine these into a coherent whole. We must do better than this.
Tony Judt