What is Economics Today?

by Mario Rizzo

I was recently at the Summer University in Aix-en-Provence. I heard more than once about the need to educate people in economics in order to get better public policy.

My purpose in this post is not to go over the issue of the relative power of ideas about the “general welfare” as compared to special interests in determining public policy. Instead, I want to raise the question of whether today’s economics is homogeneous enough to teach basic lessons about the desirability of free markets. Let us put aside the old socialism and central planning issue. We can say that “economics” defeated that. Continue reading