By Tom Williams
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Extra resources for The Undeclared Secrets that Drive Stock Market
Tullock wants economists to take part in public discourse, to stymie rent-seeking by shifting the curves in Figure 1. He argues that such activities are both virtuous and profitable. In a career-interest calculus of the economist’s participation in public discourse, Tullock argues that the optimal level is positive. His statements were made in the early 1970s. Maybe things were different then, or maybe Tullock was disguising the facts to serve the greater good. In the economics profession today, excellent basic public policy work cannot get published in leading journals, or even secondary journals.
None of those arguments relies much on fancy models or statistical significance. Coase quotes Frank Knight, who said the following in a presidential address to the American Economic Association in 1950: I have been increasingly moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in a position that Cicero, concerning Cato, ascribed to the augurs of Rome – that they should cover their faces or burst into laughter when they met on the street .
It is likely that you will do more good for the world by concentrating on abolishing some [undesirable government] organization in your locality than the average person does – indeed, very much more. (Tullock, 1984: 239) 39 a p l e a t o e c o n o m i s t s w h o fav o u r l i b e rt y Tullock creates incentives for economists to engage in such activities: to do so will permit the economist to know that he would have Tullock’s esteem. But Tullock’s main appeal is to career interest. ‘The average economist can benefit his career while simultaneously making a contribution to the public welfare’ (p.
The Undeclared Secrets that Drive Stock Market by Tom Williams