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Response from an Economist Who Also Favors Liberty

Author

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  • James KH. Galbraith

    () (LBJ School, University of Texas)

Abstract

Economists can to some extent enlighten policymakers and the public and influence public policy. That enlightenment is achieved more by concrete policy work and application of basics than by fancy models and fancy statistical significance. There is a trade-off between relevance/importance and rigor/precision. Because many economists concentrate on rigor and precision, their influence in public affairs is not as good as it could be. The professional emphasis on scholastic crafts forsakes the Smithian character of political economy. A more Smithian character for the economics profession would lead to better government policy. The primary article by Daniel B. Klein is followed by comments by Gordon Tullock, Deirdre McCloskey, Israel M. Kirzner, C.A.E. Goodhart, Robert H. Frank and James K. Galbraith and a rejoinder by Daniel B. Klein.

Suggested Citation

  • James KH. Galbraith, 2001. "Response from an Economist Who Also Favors Liberty," Eastern Economic Journal, Eastern Economic Association, vol. 27(2), pages 227-229, Spring.
  • Handle: RePEc:eej:eeconj:v:27:y:2001:i:2:p:227-229
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/eeconj/Volume27/V27N2P227_229.pdf
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    References listed on IDEAS

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    5. Rebitzer, James B. & Taylor, Lowell J., 1995. "The consequences of minimum wage laws Some new theoretical ideas," Journal of Public Economics, Elsevier, pages 245-255.
    6. Kim, Taeil & Taylor, Lowell J, 1995. "The Employment Effect in Retail Trade of California's 1988 Minimum Wage Increase," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 175-182, April.
    7. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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    9. Bhaskar, V & To, Ted, 1999. "Minimum Wages for Ronald McDonald Monopsonies: A Theory of Monopsonistic Competition," Economic Journal, Royal Economic Society, vol. 109(455), pages 190-203, April.
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    13. Baker, Michael & Benjamin, Dwayne & Stanger, Shuchita, 1999. "The Highs and Lows of the Minimum Wage Effect: A Time-Series Cross-Section Study of the Canadian Law," Journal of Labor Economics, University of Chicago Press, vol. 17(2), pages 318-350, April.
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    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • H00 - Public Economics - - General - - - General

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