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Quotation of the Day…

Posted By Don Boudreaux On January 31, 2013 @ 7:29 am In Economics,History,Trade | Comments Disabled

… is from page 453 of Deirdre McCloskey’s June 1976 article in the Journal of Economic Literature, “Does the Past Have Useful Economics? [1]“:

Few intellectual activities are more mischievous when done poorly than economics or history.  The power of fallacious economic reasoning or fallacious historical example to damage society is obvious: the pseudo-economics of mercantilism has been reducing trade and protecting vested interests for many centuries; the pseudo-history of the Aryan “race” lent dignity to German fascism.  The combination of bad economics and bad history in bad economic history is pernicious.

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[1] Does the Past Have Useful Economics?: http://www.jstor.org/discover/10.2307/2722462?uid=3739936&uid=2134&uid=2&uid=70&uid=4&uid=3739256&sid=21101734803907

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