Economists are skeptics, not cynics

posted by
December 21, 2016
Foundation for Economic Education
by Gary M Galles  
Posted in Commentary

"Since Oscar Wilde defined a cynic as 'A man who knows the price of everything, but the value of nothing' in Lady Windermere's Fan (1892), economists have often been called cynics, commonly as justification for ignoring them whenever they oppose someone's latest political diagnosis or panacea. However, one cannot dismiss economists as mere cynics who can safely be ignored. A better description would be that economists tend to be justified skeptics of claims, and government prescriptions based on them, that are at odds with economic principles." (12/20/16)  

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