Almost Classical

American economist James Buchanan won the 1986 Nobel Prize in Economics. (Photo credit: Wikipedia ) Democracy in Chains  by Historian Nancy MacLean was worthy of a few online posts earlier this summer, when I first read a loaned copy and was pained by how often the text misstated economic theories associated with libertarians (and some conservatives). As a historian, she makes the all too common  mistake of conflating the "radical right" (named on the book's cover) with standard, rather unexceptional and mundane, free-market economic models and theories. She presents common knowledge and well-known debates over theories within economics as some sort of secret plot to destroy democracy when, in fact, the people and theories she discusses seek to protect minority rights and freedoms from an easily manipulated government. I didn't post my columns to my blogs because others, including the economists and political scientists from perspectives other than the Chica...

My original title for this posting was a bit presumptuous: Rhetoric of the Liberal Professor Afraid to Debate After reflection, I realize the professor isn't "afraid" to debate an economic issue, but simply doesn't realize there is a debate because his worldview and selection biases screen out other information. At least, that's my theory. Recently, as part of a trend of articles on the dangers of too much political correctness and identity politics on campus, an anonymous "liberal professor" mentioned that a (racist) student wrongly associated Fannie and Freddie with the housing bubble. This example was to show that the professor handled "debates" well in the past. Actually, the example shows quite the opposite: that conservative and libertarian ideas are depicted as racist, mean-spirited, ill-informed, and furthered by ignorant people. Quite simply, the example is a stereotype. Accurate of events or not, this shining example of how...

Late this spring, I mentioned that I was hoping to post articles on basic economic concepts. As it turns out, this idea will serve a purpose: I'll be teaching a writing course within the economics degree programs at a leading university business school. When invited to teach at a top university, one with a gallery dedicated to its Nobel Memorial Prize in Economic Sciences honorees, there's a fair amount of humility required. My doctoral research is in the field of how we communicate technical ideas, such as economic theories. Now, I have to demonstrate to some of the best students in the world that I know that on which I lecture. Conveying economic ideas is fraught with challenges. Even when you present basic ideas as neutrally as possible, someone will find bias in your words. Of course there is "bias" involved even when deciding on which topics to write. Why is one topic, one issue, important within economics? Once you select a topic, choosing the experts to quote...