July 2020

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« Samuelson on Hayek -- HT: Larry White and Barkley Rosser | Main | Listen Carefully and Learn -- How Do You Counter the Construction of a Narrative During the Time of Its Construction? »

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It is strange that the idea of the hidden hand is usually invoked as Smith's signature idea, in fact The Wealth of Nations looks like institutional analysis, all the way down. Not to mention the moral framework which was the subject of his first book, a matter that Deirdre McCloskey is bringing back to life, following a tip from Karl Popper in his 1954 address to the Mont Pelerin Society. http://www.the-rathouse.com/CRPublicOpinion17.html

Let us apply the lesson that "institutions matter" to the economics profession itself. Economics will not change for the better until the institution framework in which the discipline is practiced is changed. The incentive structure of economists must be altered; preaching is not enough.

How can the institutional framework of economics as a discipline be changed and in what direction should it be? I do not know.

Mario Rizzo

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