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Quotation of the Day…
Posted By Don Boudreaux On May 7, 2013 @ 7:22 am In Economics,Seen and Unseen | Comments Disabled
… is from page 859 of Clarence Philbrook’s profound December 1953 article in the American Economic Review, “‘Realism’ in Policy Espousal “:
Only one type of serious defense of a policy is open to an economist or anyone else: he must maintain that the policy is good. True ‘realism’ is the same thing men have always meant by wisdom: to decide the immediate in the light of the ultimate.
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 Realism’ in Policy Espousal: http://www.jstor.org/discover/10.2307/1808734?uid=3739936&uid=2134&uid=2&uid=70&uid=4&uid=3739256&sid=21101992484833
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