Re: The Prize by Any Other Name

["J. Barkley Rosser, Jr." <rosserjb@xxxxxxx>]

Henry,
      Your criticisms are completely valid.  The
only problem is that they do not apply to all
the winners of the Swedish Bank Prize.  I have
listed a few such, and there have been some
others.
Barkley Rosser
----- Original Message -----
From: "Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>
To: "J. Barkley Rosser, Jr." <rosserjb@xxxxxxx>; <pkt@xxxxxxxxxxxxxxxx>
Sent: Tuesday, November 27, 2001 11:55 PM
Subject: Re: The Prize by Any Other Name


> Barkley,
>
> Economics has more in common with theology than science.  Science requires
> fidelity to reality, albeit the perception of reality is affected by scale
and
> perspective.  Nevertheless, science proceeds from observation to
conclusion.
> Theories of economics are mostly mental constructs while economics reality
is
> governed by political regimes that keep corresponding theories valid. When
> theory conflicts with reality, economists can remain attached to their
theories
> by proclaiming reality to be at fault.
>
> All this was amusing but relatively harmless, until a time came when
economists
> began to play critical roles in the formulation of government policy, and
the
> appropriateness and validity of different policies are argued on the basis
of
> economic theories.  Thus a whole string of unnatural concepts such as the
> natural rate of unemployment, the myth of scarcity, the wholesomeness of
the
> maximization of profit, the externalization of direct cost, the
optimization
> effect of marginal utility, the blind faith in the myth that the public
good can
> result from a calculus of individual selfish considerations, etc., began
to
> affect human civilization.
>
> There is no doubt that all Nobel economists are brilliant minds. Whether
their
> brilliance contribute to human welfare is highly debatable.
>
> Henry C.K. Liu
>
> "J. Barkley Rosser, Jr." wrote:
>
> > Henry,
> >       We have already debated about Akerlof
> > and Stiglitz.  However, I would add that some
> > of the others on that list have both had good
> > ideas as well as strong ethical orientations,
> > although arguably they are in the minority.
> > Among those in the last ten years I would
> > note especially Amartya Sen and William
> > Vickrey.  Some of the earlier ones on the
> > list would qualify as well, I would contend.
> > Not quite the total wasteland you depict,
> > although in many years your description has
> > been all to apt, I'm afraid.
> > Barkley Rosser
>
>