Tuesday, March 14, 2006

Just wanted to mention...

Masa of Econoclasm writes:
Economists are good at finding WHAT the efficient outcome is. A good example is free trade. But economists are bad at finding HOW the efficient outcome can be achieved. That's why politicians often don't like the free trade policy, for example. In the process of implementing free trade, there will be those who lose from free trade. Politicans cannot ignore such people. Finding what the efficient policy is is like what scientists do in natural science. But finding how it is achieved in reality is a different job. In the case of natural science, engineers undertake such a job. What about social science?
A point that I have tried to make in the past.


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