Thursday, July 30, 2009

The Difference Between a Bad Economist an a Good Economist

There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.-Frederic Bastiat


1 comment:

  1. One more difference between the good and bad economist: the bad economist makes quantitative and temporal predictions, the good economist sticks to general principles and trends :)