Quotulatiousness

October 15, 2014

QotD: The value of economics

Filed under: Economics, Politics, Quotations — Tags: , — Nicholas @ 00:01

Having taken a stab at sociology and political science, let me wrap up economics while I’m at it. Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data. This insight covers at least 90 percent of proposed economic policies.

Ben Bernanke “The Ten Suggestions”, speech at the Baccalaureate Ceremony at Princeton University, Princeton, New Jersey. June 2, 2013.

Related posts:

  1. QotD: “Environmentalism [is] like an intrusive state religion”
  2. Austrian economics? That’s crazy talk
  3. Austrian economics
  4. QotD: Economics is not a “hard science”
  5. QotD: The Pascal’s Wager of Economics

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Powered by WordPress