Dismal Defense  - The American Spectator | USA News and Politics
Dismal Defense 
by

Long piece in the Review section of this weekend’s WSJ raising up and cataloguing some of the successes and triumphs of economists. The piece, by Journal chief economics commentator Greg Ip, is aptly headlined “In Defense of the Dismal Science,” economics being the Rodney Dangerfield of academic disciplines.

IP makes a good case for economists and their numbers, and his piece repays the reading time. But even Ip concedes there have been trends and large economic events that have taken economists as much by surprise as anyone else. And, like all of us, they’ve gotten some stuff wrong. So it may be a good time here to remember P.J. O’Rourke’s tongue-in-cheek (I think) explanation of the difference between micro and macro economics, which, read with Ip’s article, provides a bit of balance.

I paraphrase here from memory, but I believe I have it right. Microeconomics, our P.J. informs us, are things economists are specifically wrong about, whereas macroeconomics are things economists are wrong about in a general sort of way.

 

Larry Thornberry
Follow Their Stories:
View More
Larry Thornberry is a writer in Tampa.
Sign up to receive our latest updates! Register


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Be a Free Market Loving Patriot. Subscribe Today!