Who's Your Economic Crush?
Y'all remember Hayek Girl, right? So in love with Friederich Hayek she thinks they both should share milkshakes and a kayak. In that spirit, Ricochetoiseerians, who's your latest economic crush?
Me, it's Ronald Coase. This is a guy who won a Nobel prize not, as I understand it, for any fancy equation, but for a history of showing other economists, over and over again, that assumptions they had long taken for granted were simply wrong.
Take Pigovian taxes, for example. Pigou's theory of externalities was accepted by practically everybody... until one night in 1960, when Coase managed to convince 13 top economists at the University of Chicago, including Aaron Director and Milton Friedman, that Pigou was just... wrong. Not bad for an after-dinner conversation, eh?
Or take lighthouses. It had long been part of economic lore that it must be impossible to operate lighthouses privately. Lighthouses were the example of a canonical government service. Until Coase investigated English history and found that, oops, English lighthouses were privately owned and operated (and worked just fine) long before they were incorporated into a government service.
But what I love most about Coase is his dry sense of humor. Perhaps it's dry enough that many folks would miss it, but it manages to produce loud peals of merriment in Mr. Rattlesnake and me. For example:
Most economists seem to be unaware of all this [the long history of legislatures granting firms regulatory immunity from common-law nuisance complaints]. When they are prevented from sleeping at night by the roar of jet planes overhead (publicly authorized and perhaps publicly operated), are unable to think (or rest) in the day because of the noise and vibration from passing trains (publicly authorized and perhaps publicly operated), find it difficult to breathe because of the odour from the local sewage farm (publicly authorized and perhaps publicly operated), and are unable to escape because their driveways are blocked by a road obstruction (without any doubt, publicly devised), their nerves frayed and their mental balance disturbed, they proceed to declaim about the disadvantages of private enterprise and the need for governmental regulation.
-- The Firm, The Market, and the Law, p 131 (The Problem of Social Cost)
Poor economists! Driven too crazy to think straight. My husband and I love this passage.
What Coase has to say about the Coase Theorem is also entertaining (he's not as enthusiastic about it as you might suppose, considering that it's named after him), but I'll save that passage for another day. The Reason archives have an excellent (and also entertaining) interview with Coase here, and you can listen to Coase (he's still alive!) on EconTalk here. Coase's collection of essays entitled The Firm, The Market, and the Law is also a ripping good read.
But enough about Midge's economic fantasy life. Tell us about yours. The decent bits, that is.
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Comments:
May '11
Re: Who's Your Economic Crush?
The man that took on OWS for two hours and educated the the unwashed masses: Peter Schiff.
Maybe not an economist, but a free-market evangelist, none the less.
May '11
Re: Who's Your Economic Crush?
Megan McCardle, although I doubt if she considers herself an econmist. Her political views are much more liberal than mine but every year she writes a detailed evaluation of the kitchen gadgets that no one should be without and she is right. About all of them. What economist could do that?
Edited on June 27, 2012 at 3:04amAug '10
Re: Who's Your Economic Crush?
A home economist perhaps? :-)
We've already got one economic journalist on the list (Amity Shlaes), so McArdle counts, I think.
Apr '11
Re: Who's Your Economic Crush?
Walter E. Williams. He's dreamy *wistful sigh*
Actually, he was one of the minds that got me seriously looking at economics, thanks to his frequent substitutions for Rush in the 90's. Though Rush demonstrated conservatism to me, Williams clearly demonstrated conservative economic thought in clear examples.
Sowell is a close second. I hope there's a Economist Calender for 2013.
Mar '11
Re: Who's Your Economic Crush?
Mel Foil: Not an economist, but she writes about economics:
Amity Shlaes · 5 hours ago
Close enough :-)
Sep '10
Re: Who's Your Economic Crush?
I'm going with Uncle Miltie, Milton Friedman.
Jul '10
Re: Who's Your Economic Crush?
Great idea! With a calendar, no one has to be second - or third... Just 12 mighty economists who believe in freedom and the idea of "ordinary people [being allowed to do] extraordinary things."
Jul '10
Re: Who's Your Economic Crush?
My list of 12 would incude Adam Smith, The Friedmans, Sowell, Williams, Hayek, Hazlitt, Bastiat, ... . We might even have to go into year 2 for another calendar.
Dec '11
Re: Who's Your Economic Crush?
Today, it's Dr. Goose
Said an econ professor named Booth,
While instructing America's youth:
"The Original Sin
Of the business I'm in
Is to advocate, heedless of truth."
Aug '10
Re: Who's Your Economic Crush?
tabula rasa
Isn't it amazing that we could look to a Frenchwoman for great economic advice? Veronique is great.
And keeping to our French theme, how about Guy Sorman inCity Journal?
Oh yeah, he's a great guy, too. And everything's sexier in French.
Aug '10
Re: Who's Your Economic Crush?
Muleskinner: Today, it's Dr. Goose
Said an econ professor named Booth,
While instructing America's youth:
"The Original Sin
Of the business I'm in
Is to advocate, heedless of truth."
Economic limericks? Profoundly awesome! Who's Dr Goose, or is anonymity part of the mystique?
Dec '11
Re: Who's Your Economic Crush?
Me too, the last one sold out.
Dec '11
Re: Who's Your Economic Crush?
Midget Faded Rattlesnake
Economic limericks? Profoundly awesome! Who's Dr Goose, or is anonymity part of the mystique? · 0 minutes ago
No idea, but the good Dr. probably needs to remain anonymous.
Nov '10
Re: Who's Your Economic Crush?
Walter Williams is great. Humor is good too!
Someone that folks may not know but who is a regular on Russ Robert's EconTalk is Mike Munger. He's always entertaining on the dismal science. My picture is Smith with head phones so you know I like the original.
Nov '10
Re: Who's Your Economic Crush?
Une economiste, Veronique
At the knees truly makes me go weak.
I don't just respect
Her keen intellect.
But the bisoux she plants on each cheek.
.
Jun '12
Re: Who's Your Economic Crush?
Douglass North or James Buchanan, when I am in a sunny mood and think things can get better. When in a dark mood, Gordon Tullock.
May '12
Re: Who's Your Economic Crush?
Muleskinner: Today, it's Dr. Goose
Said an econ professor named Booth,
While instructing America's youth:
"The Original Sin
Of the business I'm in
Is to advocate, heedless of truth." · 3 hours ago
Hey, I checked the link and some of these are pretty good! I especially liked yesterday's:
Asked a socially relevant chronicle:
"Is a college degree economical?
Well, the lifetime return
On the extra you earn
Is substantial, but not astronomical."
May '12
Re: Who's Your Economic Crush?
Midget Faded Rattlesnake
dash: Thorstein Veblen.
For the manly 'stache, and that dour, progressive class envy charm.
Ha! There is something about a 'stache, though... · 9 hours ago
She had me at "... even Frida Kahlo"
Apr '11
Re: Who's Your Economic Crush?
I'd go with someone who's name has been mentioned several times in passing but not nominated, Russ Roberts, granted, the guests contribute a lot, but I've got a degree in Russ Roberts at this point, the man has furthered my economic education more than advance economics in college...
Nov '10
Re: Who's Your Economic Crush?
I am secure enough in my manhood to admit to an intellectual crush on a Frenchman.