Reacting to Larry Summers’s case against Donald Trump, David Henderson puts Trump’s many problems in perspective by comparing them to the many problems with Hillary Clinton – Clinton who (as twilight-zonish as this is to write) would likely be even more tyrannical, destructive, and divisive as president than Trump.
Writing in Wednesday’s Wall Street Journal, the great labor economist Richard Vedder reflects on changes in economics and in economists that he’s witnessed over the course of his distinguished career. Here’s his conclusion:
Modern computer technology and increased econometric sophistication sometimes yield useful information about the way the world works economically. But those gains are at least partially offset by the sharp decline in historical consciousness – today’s scholars sometimes think they know it all, having an arrogance arising from historical ignorance, often wasting time and energy relearning lessons that those with a good sense of economic history already know. It is still satisfying, after half a century, to try to counter that ignorance, and to teach young people the logic of the price system, the importance of private property and other institutions for freedom and prosperity.