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Unformatted text preview: onom y, or the adequacy of econom ic theory as a des cription of the
econom y, or even m ainly the econom is tâ€™s role in the econom y. The s ubject is the convers ation econom is ts
have am ong them s elves , for purpos es of pers uading each other that the interes t elas ticity of dem and for
inves tm ent is zero or that the m oney s upply is controlled by the Federal Res erve.
Unfortunately, though, the conclus ions are of m ore than academ ic interes t. The convers ations of clas s icis ts or
of as tronom ers rarely affect the lives of other people. Thos e of econom is ts do s o on a large s cale. A well known
joke des cribes a May Day parade through Red Square with the us ual m as s of s oldiers , guided m is s iles , rocket
launchers . At las t com e rank upon rank of people in gray bus ines s s uits . A bys tander as ks , â€œWho are
thos e?â€€œAha!â€ m es the reply, â€œthos e are econom is ts -- you have no idea what dam age they can
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This document was uploaded on 03/23/2014.
- Summer '14