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Organized Crime
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The late Milton Friedman once said that if the average tariff rate in
America was a few percentage points lower than it would otherwise
be thanks to infl uence of academic economists, that would
more than justify all of their salaries and then some because of the
wealth-enhancing eff ects of freer trade. Friedman was correct as far as the
story goes, but at the time that he made the comment the “mainstream” of
the economics profession was mostly involved in supporting the wealthdestroying
eff orts of the parasitic welfare/regulatory state by spinning
myriad tales of “market failure” and recommending endless government
intervention.
Market failure theorists, whose epicenter was for many years the Harvard
and M.I.T. economics departments, had three main characteristics:
First, they concocted mathematical models that were usually far removed
if not totally detached from economic reality. Indeed, a realistic theory that
could explain real-world phenomena was (and is) oft en viewed as pedestrian
and unscholarly. Only impossible-to-understand and seemingly trivial
mathematical manipulations were said to be worthy of “economic science.”
Th e mainstream of the economics profession has long suff ered from physics
envy and has sought to model the unmodelable—human action—to
make their “science” appear to be physics-like and scientifi c.
T H O M A S J . D I L O R E N Z O - Personal Name
2nd Edition
978-1-61016-255-5
NONE
Organized Crime
Management
English
Th e Ludwig von Mises Institue
2012
1-232
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