Dani Rodrik

The economics we need is of the “seminar room” variety, not the “rule-of-thumb” kind. It is an economics that recognizes its limitations and caveats and knows that the right message depends on the context. The fine print is what economists have to contribute.

The economics we need is of the “seminar room” variety, not the “rule-of-thumb” kind. It is an economics that recognizes its limitations and caveats and knows that the right message depends on the context. The fine print is what economists have to contribute.

– Dani Rodrik –

The Globalization Paradox: Democracy and the Future of the World Economy

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Friedrich A. Hayek

The word ‘truth’ itself ceases to have its old meaning. It describes no longer something to be found, with the individual conscience as the sole arbiter of whether in any particular instance the evidence (or the standing of those proclaiming it) warrants a belief; it becomes something to be laid down by authority, something which has to believed in the interest of unity of the organized effort and which may have to be altered as the exigencies of this organized effort require it.

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As with our earlier worship of saints and facts, there is something silly about grown men and women striving to reduce their vision of themselves and of civilization to bean counting. The message of the competition/efficiency/marketplace Trinity seems to be that we should drop the idea of ourselves developed over two and a half millennia. We are no longer beings distinguished by our ability to think and to act consciously in order to affect our circumstances. Instead we should passively submit ourselves and our whole civilization — our public structures, social forms and cultural creativity — to the abstract forces of unregulated commerce. It may be that most citizens have difficulty with the argument and would prefer to continue working on the idea of dignified human intelligence. If they must drop something, they would probably prefer to drop the economists.

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This is perhaps as good a place as any to point out that what distinguishes many reformers from those who cannot accept their proposals is not their greater philanthropy, but their greater impatience. The question is not whether we wish to see everybody as well off as possible. Among men of good will such an aim can be taken for granted. The real question concerns the proper means of achieving it. And in trying to answer this we must never lose sight of a few elementary truisms. We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces.

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