David Henderson, head of the Economics and Statistics Department at the Organisation for Economic Co-operation and Development (OECD), examines the influence of economic ideas on policy. He gives the second lecture in his series entitled 'Innocence and Design'.
In this lecture entitled 'Soap Opera in High Places', David Henderson considers the leading elements of Do-It-Yourself Economics (DIYE) and explores how it differs from ideas that are widely accepted by trained economists. He asks, what are the implications of these different thoughts for economic policy?
Drawing from his life experiences he serves to emphasise the point that DIYE has been, and continues to be, significant to people who are themselves influential. He shows that individual willingness to pay should be the main test of how resources are used.