Monday, November 11, 2019

One Way to Spot a Phony Economist on TV

Deirdre McCloskey writes in Why Liberalism Works: How True Liberal Values Produce a Freer, More Equal, Prosperous World  (p. 126):
Non-economists think that economics is about “keeping the money circulating.” And so they are impressed by the claim by the owner of the local sports franchise that devoting tax dollars to a new stadium will “generate” local sales and “create” new jobs. To a non-economist the vocabulary of generating and creating jobs out of unthrifty behavior sounds tough and prudential and quantitative. It’s not. It’s stupid. No economist of sense would use such locutions. Indeed, you can pretty much depend on it that an alleged economist on TV is a phony if she talks of “generating” or “creating” jobs.
(via Cafe Hayek)

1 comment:

  1. Maybe when economists that use such locutions they are in reality: