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Political economy

What we know as “economics” today used to be called, much more appropriately, “political economy.” Gregory Mankiw, Harvard economics professor, reminds us in his article in The New York Times (http://nyti.ms/1fOSiNz) that in giving policy advice, economists are also making their own political judgments.” Sadly, despite being one of those economics professors himself, he seems to exclude himself from this judgment. He ends his essay by commenting that “they” are the ones whose policy prescriptions reflect “their” political philosophy. The general point that he makes is an excellent one. Economics is politics disguised with a few figures to give it the veneer of respectability. But this applies as much to his views as to those of his foils.

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