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I am following this ongoing debate over who was the greatest, and
it's interesting to see the various opinions and arguments made
concerning this economist or that one.
But I feel that this whole debate overvalues the importance of
individuals and ignores the collective nature of economics, as of
other natures. Einstein was undoubtedly a genius, but the reason
he became such a cult figure is not only the result of this. It has
something to do with our mass culture and with our individualistic
disposition. Einstein's work contributed to science because it was
part of a huge project, in which dozens of people took place and
made contributions.
And if this is the case with Einstein, it is even more so with
economists. I don't want to argue that Smith, Marshall, Marx,
Keynes, and a score of others (Ricardo, Malthus, Samuelson,
Arrow, Mitchell, Veblen, Weber, Friedman, Menger, Schumpeter,
Pigou, and I can go on and on) did not make special contributions,
or synthesized/formalized various principles in better ways. But
their impact and influence is also related to their better "public
relations" or to their more fortunate social location, ties, and
resources. The example of Ibn Khaldun is just a conspicuous
example, but there must be under-valued and ignored talented
economists even in Western culture.
In any case, why are we so fascinated with this ranking project?
What good does it make to rank the 10 best novelists, composers,
inventions, or economists? in my opinion it is not a productive
pursuit at all.
Yuval Yonay
University of Haifa
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