→ Read moreMilton Friedman stood for freedom, social, political, and economic.
An excellent (& extensive) interview with Susan Athey, the most recent winner of the John Bates Clark medal. Here’s one of the best parts:
Finding the applications that resonate with the students or the population in general and then showing them how a little bit of structured thinking can substantially improve their understanding — I think that’s where you get the power of economics.
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In fact, science clashes with the democratic ideal. Though it is meritocratic, it is practiced in the elite and effete world of academe, leaving the vast majority of citizens unable to contribute to it in any meaningful way. Science is about freedom of thought, yet at the same time it imposes a tyranny of ideas.
[…] children should be taught not so much what to think as how to think. If, having been fairly and properly exposed to all the scientific evidence, they grow up and decide that the Bible is literally true or that the movements of the planets rule their lives, that is their privilege.→ Read more
How to avoid recession in USA: Greg Mankiw’s answer. Gary Becker and Richard Posner advocate a similar perspective (the argument is centered, of course, on the subprime housing mess). Former Fed boss Greenspan already said that one should do absolutely nothing and wait for the bubble to break on its own, just as the people above (e.g.
Michael Shermer at his best. The gist: