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Skidelsky on Economics

Summary:
On our sister website, Law and Liberty, I have a review of Robert Skidelsky’s last book, What’s Wrong With Economics. I was unimpressed by the book. It looks to me like an attempt to build a straw man out of modern economics, which is blamed by Skidelsky for, of course, “neoliberal” policies. The book is strongly idoelogical but, leaving ideology aside for a minute, I was amazed by the view of the social sciences Lord Skidelsky proposes. He is apparently incapable of understanding the pursuit of social science as something different from policy punditry. It is revealing that Skidelsky is puzzled by a quote from Milton Friedman, who charmingly described himself as “somewhat of a schizophrenic”: “On the one hand, I was interested in science qua science, and I have

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Skidelsky on Economics

On our sister website, Law and Liberty, I have a review of Robert Skidelsky’s last book, What’s Wrong With Economics. I was unimpressed by the book. It looks to me like an attempt to build a straw man out of modern economics, which is blamed by Skidelsky for, of course, “neoliberal” policies.

The book is strongly idoelogical but, leaving ideology aside for a minute, I was amazed by the view of the social sciences Lord Skidelsky proposes.

He

is apparently incapable of understanding the pursuit of social science as something different from policy punditry. It is revealing that Skidelsky is puzzled by a quote from Milton Friedman, who charmingly described himself as “somewhat of a schizophrenic”: “On the one hand, I was interested in science qua science, and I have tried—successfully, I hope—not to let my ideological viewpoints contaminate my scientific work. On the other, I felt deeply concerned with the course of events and I wanted to influence them so as to enhance human freedom.” Some economists, political scientists, or philosophers may enter their fields because of their political vision of how the world should be improved. Yet it does not mean that they do not try to challenge their own opinions about the facts. Nor does it mean that they may not be, in pursuing their studies, interested merely in understanding how or why a particular phenomenon happened. Friedman honestly described a difficult navigation which is hardly exclusive to the economist. (Consider a Democratic reporter at the Republican National Convention, for instance.)

The review is here.

Alberto Mingardi
Mingardi, one of the rising stars of European libertarianism, is the founder and Director General of the Italian free-market think tank, Instituto Bruno Leoni. His areas of interest include the history of economic thought and antitrust and healthcare systems. He is particularly well known for popularizing the work of past scholars under-appreciated by today’s libertarians. Currently an adjunct scholar at the Cato Institute, Mingardi has also worked with the Heritage Foundation, the Atlas Economic Research Foundation, the Acton Institute, and the Centre for a New Europe.

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