Hayek, in the essay reprinted here, urges economists not to “directly aim at immediate success and public influence.” Seek “light,” he recommends, not “fruits.” In this way the economist maintains intellectual integrity and lessens the likelihood that economic insights will be misapplied. The problem is not that economists lack clout, but that some seek to maximize their influence by stooping to promote special interests. Observe how free trade has mutated into “managed trade.” Sound economic principles, moreover, may be misapplied. Economists who warned against wage and price controls in the 1970s could not convince the public to shun them. Even when the advice of economists is good, the public will not necessarily take it. Those who denigrated saving, for example, contributed to a lower standard of living today. Economists can be and often have been flat out wrong. Klein asks: “Are economists today, in making their individual choices, led to promote ends of human betterment?” He begins by playing the devil’s advocate and gives several reasons why the contributions of economists might not lead to human betterment. All three groups, especially undergraduates contemplating graduate study in economics, will be fascinated and perhaps troubled by what they read. Although the title implies that the book is directed to students and intelligent laymen who would otherwise not know the answer, the book is aimed just as much at professional economists themselves. In What Do Economists Contribute? he and nine other economists (most of them known to readers of Ideas on Liberty) try to explain just how economists contribute to the betterment of mankind. +Affiliates *Company providers of Farm Bureau Financial Services.Professor Daniel Klein of Santa Clara University is one of the most engaging and creative economists around. The contract is contained only in the policy. This website briefly highlights Farm Bureau's insurance policies and their benefits. Exclusions, limitations and reductions may apply. Not all products are available in all states. No security or other insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. IMPORTANT: The information and material contained on this website is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. Individual must be licensed with issuing company to offer insurance products. Fixed life insurance and annuity products are offered through Farm Bureau Life Insurance Company+*/West Des Moines, IA and are intended for residents of AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY. Property-casualty insurance products are offered through Farm Bureau Property & Casualty Insurance Company+* and Western Agricultural Insurance Company+*/West Des Moines, IA and are intended for residents of AZ, IA, KS, MN, NE, NM, SD and UT. Individual must be released by FBL Wealth Management, LLC to offer advisory services. Individual must be a registered representative of FBL Marketing Services, LLC or an investment adviser representative with FBL Wealth Management, LLC+ to discuss securities products. Advisory services offered through FBL Wealth Management, LLC+. Securities & services offered through FBL Marketing Services, LLC+, 5400 University Ave., West Des Moines, IA 50266, 877/860-2904, Member SIPC.
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