David Warsh: Economics

David Warsh is American journalist. Explore interesting quotes on economics.

David Warsh: 8 quotes 0 likes

“Lucas’s “Mechanics” Lectures caught the profession by surprise. His argument enraged some economists and startled or puzzled others. It was his first word on the subject of growth. It seemed to have come completely out of the blue. And even though his interest in the possibility of market failure seemed curiously in tune with fifty years of the Keynesian tradition, it was unfamiliar enough when expressed in the vernacular of Freshwater economics that the lectures at first caused more consternation than anything else, and in most quarters they were studiously ignored. A few young researchers, however, were galvanized into immediate action.
The notion that trade and migration must be strongly linked to economic growth was hardly new. Nor was the insight that cities must be central to economic progress. Perhaps the real news from Lucas’s lectures was his identification of lock-in as a potentially serious puzzle.”

David Warsh

David Warsh, Knowledge and The Wealth of Nations: A Story of Economic Discovery (2006), Ch. 19 : Recombinations

Failure

“That combination, Hayek, Myrdal and Robinson, might have cast the contributions of each into sharper relief: three pioneers who, after important early contributions, gave up economics for political activism.”

David Warsh

"Ruizismus among the Austrians," 4 December 2011

“John Maynard Keynes may have had more influence on policy makers, Milton Friedman on citizens, Kenneth Arrow on economic theory, but Samuelson had more influence on the way economics is done today, and the purposes to which it is put, than any other economist of the twentieth century.”

David Warsh

David Warsh, "The Enormous Black Box" http://www.economicprincipals.com/issues/2009.12.13/841.html (2009)

Way