Quotation of the Day…

by Don Boudreaux on October 7, 2012

in Economics, Hubris and humility, Scientism, State of Macro

… is from pages 479-480 of Vol. 12 - Economic Inquiry and Its Logic (2000) – of The Collected Works of James M. Buchanan; specifically, it’s from Jim’s 1994 article “Economic Theory in the Postrevolutionary Moment of the 1990s”:

Social engineering became one of the several postmarginalist versions of mercantilist economic management.  As also noted, the Depression inspired shift of attention to movement among economywide macroaggregates, a shift that Keynes and the Keynesians provided with quasi-scientific status, added powerful complementary force to economic management as the ultimate motive impulse for the formulation of economic theory itself.

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