A Quote by Robert Sarvis
I’m not into the whole Austrian type, strongly libertarian economics. I like more mainstream economics.
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When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
For a variety of reasons, I have always felt myself an outsider. I don't know how to classify myself in economics. I am a loner. I do not like groupthink, which, if anything, has become more important in economics. In addition, a lot of the values I hold are not the mainstream values in the profession.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
I took the obligatory economics classes in school, but I've long been a fan of the Milton Friedman philosophy and its libertarian bent: One must be free to do what one wants to do, as long as you don't harm another. This is the seminal treatise on free-market economics.
My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
The problem is a lot of what is called economics is not economics. It is more ideology or religion.
Anyway that's a large part of what economics is - people arbitrarily, or as a matter of taste, assigning numerical values to non-numerical things. And then pretending that they haven't just made the numbers up, which they have. Economics is like astrology in that sense, except that economics serves to justify the current power structure, and so it has a lot of fervent believers among the powerful
If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.
The problem is, of course, that not only is economics bankrupt but it has always been nothing more than politics in disguise ... economics is a form of brain damage.
Thus we seem to be on the verge of an expansion of welfare economics into something like a social science of ethics and politics: what was intended to be a mere porch to ethics is either the whole house or nothing at all. In so laying down its life welfare economics may be able to contribute some of its insights and analytical methods to a much broader evaluative analysis of the whole social process.
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
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