That Possibility Can’t Be Ruled Out As a Matter of Theory

by Don Boudreaux on October 2, 2013

in Competition, Economics, Hubris and humility

Last week I mentioned some academic work that Auburn University’s Bob Ekelund and I did back in the 1990s on economic scholarship that, for all its technical brilliance, unwisely failed to make obvious distinctions between that which is merely possible and that which is plausible or possible.  Those who fail to make this distinction seems naturally led to assume, without any basis, that government officials are more knowledgeable and trustworthy than such officials ever are in reality.

Here’s a pdf of my and Bob Ekelund’s short article in the April 1996 Southern Economic Journal on theorizing gone off the rails.

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