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October 11, 2006
Where are all the free market economists?
People often ask me if all economists are free-marketers like me. I say no, but now I have data to back that up thanks to this new paper: Is There a Free-Market Economist in the House? The Policy Views of American Economic Association Members by Daniel B. Klein and Charlotta Stern Abstract: People often suppose or imply that free-market economists constitute a significant portion of all economists. We surveyed American Economic Association members and asked their views on 18 specific forms of government activism. We find that about 8 percent of AEA members can be considered supporters of free-market principles, and that less than 3 percent may be called strong supporters. The data is broken down by voting behavior (Democratic or Republican). Even the average Republican AEA member is middle-of-the-road not free-market. We offer several possible explanations of the apparent difference between actual and attributed views. Posted by Robert Lawson at 01:47 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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