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Date: | Fri Mar 31 17:18:34 2006 |
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----------------- HES POSTING -----------------
With respect to the "greatest economist."
First, what are the criteria? Influence on subsequent work?
Frequency of citation, approving, disapproving, or both?
Inventiveness? Insight? Correctness? Mastery of theory?
Empirically relevant? [Certainly not all economists who have been
influenced by and who have cited Karl Marx have thought he was
correct in his analysis. Should we have a contest for the economist
who has done the most damage? Would that make that person the
worst economist?] Intelligence? From my biased point of view I
would pick John Rae, whose insights, according to Schumpeter,
could have been [I would say were] the basis of a much improved
WEALTH OF NATIONS, or Thorstein Veblen as the most
intelligent. Should the criterion be the extent to which they
influenced public policy? I would judge that Marshall's text has
been the most influential in the academy. So many subsequent
texts have been revisions of it. But, in the matter of influence on
public policy would not Adam Smith, J.M. Keynes, and even Milton
Friedman have been more influential in public policy?
Robin Neill
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