Monday, March 29, 2010

Brooks on Economics

David Brooks does a quick take on economics, and he believes that economics as history and a part of the humanities will make a comeback. I agree. I see more and more evidence that economics will change away from its pinched idea of humanity. Adam Smith was an outstanding moral philosopher; Hayek dealt primarily with the limitation of knowledge; Keynes with uncertainty and "animal spirits": all great precedents. These great thinkers knew that we humans are as much flaw as reason. Brooks gives a shout out to Herbert Simon, Tversky and Kahneman, and Becker. Someday, perhaps, the economists will catch up to the political scientists!

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