09 April 2013

He Said It: Buchanan

"The scholarly field of economics as practiced and promulgated in this century has done its share of damage. Rather than allow the study of economics to offer genuine intellectual adventure and excitement, we have converted it into a complex mathematical and empirical science. This trend was only partially offset during the decades of the Cold War, when the continuing challenge of fighting communism offered motivation to liberals such as Hayek and a relatively small number of his peers. But since then, the discipline has become piddling puzzle solving. How can we make economics come alive again, especially for those who will never be professionally trained economists?"

--James M. Buchanan (1919-2013), "Saving the Soul of Classical Liberalism" (from the Wall Street Journal, January 1, 2000)

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