This message deserves to be scrutinized, it seems to me.

...[t]he produce of the whole labour of the society is so great, that 
all are often abundantly supplied, and a workman, even of the lowest and 
poorest order, if he is frugal and industrious, may enjoy a greater 
share of the necessaries and conveniencies of life than it is possible 
for any savage to acquire.

"The causesof this improvement, in the productive powers of labour, and 
the order, according to which its produce is naturally distributedamong 
the different ranks and conditions of men in the society, make the 
subject of the First Book of this Inquiry."

"To explainin what has consisted the revenue of the great body of the 
people, or what has been the natureof those funds, which, in different 
ages and nations, have supplied their annual consumption, is the object 
ofthese Four first Books. The Fifth and last Book treats of the revenue 
of the sovereign, or commonwealth."

(Adam Smith, Wealth of Nations, Introduction)


Steve Hartsoe writes of the "Global Effort to Boost Economics Education" 
that the core mission of economics is that of "guiding and protecting 
society."

"Guiding and protecting society" was hardly the traditional mission of 
economics. What makes it the "core" mission? If the people at the center 
agree with this core mission on the basis of their knowledge of the 
history of economic thought, it seems to me that true students of the 
history of economic thought should shun this center. Would George Soros, 
liberal activist, have financed the mission that is implicit in the 
"Wealth of Nations?"

How is society likely to be guided and protected, whatever that means, 
by studying "the history of economics," the "history of economic 
thought," history, and "economic history?" Is it to be guided by the 
study of active monetary policy and discretionary fiscal policy, 
regulations, price controls, restrictions on "the natural distribution" 
etc.? Is it to be protected by the study of environmental protection, 
consumer protection and government control of healthcare, old age, 
disability, and unemployment insurance? Is it to be protected against 
foreign competition, unfair competition, unjust prices, unjust incomes, 
unjust culture, bad luck? And what does economics have to say about the 
guiders and the protectors?

Can the core mission be accomplished by studying the "the teachings of 
venerable economists Friedrich August Hayek and John Maynard Keynes? 
Well, no and yes, it seems to me.

Does anybody from the Center have good answers to the general thrust of 
my questions? Or, in different terms, has Soros funding turned the 
"Center" to the left?


On 1/25/2011 10:04 AM, E. Roy Weintraub wrote:
> Duke Joins Global Effeort to Boost Economics Education
>
> Project funded by George Soros will allow Center for the History of
> Political Economy to expand programs
>
> By Steve Hartsoe
>
> Monday, January 24, 2011
>
> (Duke News Service)
>
> DURHAM, NC -- As part of a larger effort to better understand the
> global economic meltdown, Duke’s Center for the History of Political
> Economy is among a handful of schools looking to change the way
> economists are educated.
>
> Behind this push is The Institute for New Economic Thinking (INET), a
> foundation launched in 2009 with an initial $50 million pledge from
> billionaire financier and liberal activist George Soros.
>
> Overall, more than 50 grantees from 11 countries are involved in
> finding solutions for the challenges of the 21st century by returning
> economics “to its core mission of guiding and protecting society,”
> according to a news release from INET.
>
> The institute has awarded a three-year grant of $750,000 to the Duke
> center, which will serve as one of only four initial task forces
> selected by INET.
>
> The money will allow the Duke center to expand its programs, which
> include a fellowship and visiting scholars program, workshop and lunch
> series, a summer teaching institute, a speaker series, and annual
> conferences.
>
> An expanded summer institute will begin this summer, with classes held
> at Duke and aimed at Ph.D. students from the top economics programs
> throughout the country. The added funding will help support more
> visiting fellows as well as Ph.D. students enrolled at Duke who
> specialize in the history of economics.
>
> “There’s much to be learned from the history of economics,” says Bruce
> Caldwell, an economics researcher at Duke and founder-director of the
> center, which was established in 2008 with a mission of promoting and
> supporting the teaching of, and research in, the history of economic
> thought.
>
> “While a better understanding of history provides no silver bullets,
> it does provide perspective and insight.”
>
> The teachers trained through programs at the Duke center “will be key
> assets in restoring the history of economics as a fundamental part of
> economic training and academia,” Robert Johnson, executive director of
> INET, said in a statement.
>
> In addition to awarding a grant to the Duke center, INET has named
> Caldwell to its advisory board, which includes five Nobel laureates in
> economics.
>
> Caldwell says the teaching of the history of economics has been in
> decline across economics departments worldwide.
>
> “As historians of thought retire, they are not being replaced,” he
> says. “Too many economists fail to recognize the importance of a
> knowledge of how their discipline developed, and, lacking that
> knowledge themselves, they do not realize that many of the questions
> being debated today in fact have long histories.
>
> "We are trying to change the way that economists think about their
> discipline. It is a big assignment, but a vitally important one.”
>
> The recent economic crisis has sparked a renewed interest in economic
> history, especially the teachings of venerable economists Friedrich
> August Hayek andJohn Maynard Keynes, according to Caldwell.
>
> INET’s Inaugural Grant Program received more than 500 applications
> from around the world, and selected 34 initiatives to be awarded
> grants totaling $7 million. The grant program will continue with two
> similar grant cycles annually, the next one beginning this spring.
>
> “It’s great for the center, and it’s great for Duke, which has for a
> long time had a stellar reputation in the field,” Caldwell says. “This
> recognition has reaffirmed its place within the international
> community.”
>
> Since its inception, the Duke center has received grants from a
> diversity of sources, including the John W. Pope Foundation, the
> National Endowment for the Humanities, the Earhart Foundation, and the
> Thomas Smith Foundation.
>
>

-- 
Pat Gunning
Professor of Economics
Melbourne, Florida
http://www.nomadpress.com/gunning/welcome.htm