EconTalk Tyler Cowen on the GOAT of Economics
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Nov 27, 2023 
Tyler Cowen, author of "GOAT: Who is the Greatest Economist of All Time?", dives into the criteria for determining the most influential economists. He critiques figures like Marx and Samuelson while celebrating lasting giants like Smith and Keynes. The discussion spans the evolution of economics, the balance between liberty and utility, and insights on figures like Malthus and Hayek. Cowen also highlights the paradoxes of productivity during chaotic times and examines the cultural reflections of economic thought, intertwining insights with literature and technology.
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Economics' Shift
- Economics has shifted from being idea-driven to hypothesis-driven.
- This is a fundamental change, with internet platforms now carrying ideas.
Rereading Classics
- Reread classic economic works for deeper understanding as you gain experience.
- Focus on specific sections within larger texts, like Smith's national defense theory or Mill's Subjection of Women.
Modern Economists' Limitations
- Modern economists excel in empirical work but often lack broader intellectual depth.
- They may not perform better than average commentators on general social issues.