September 01, 2004
Quotes of the Day
By Kevin
Sociologists generally do not like economics and, I must admit, the feeling is more than reciprocated.And later on:
In this, we followed the mainstream. If you read any economic journal, you will find statements that various things are Pareto optimal. In most cases, this is merely a slogan. No effort is made to solve the computation problems given above. In general, we are back to Adam Smith or, perhaps better, Marshall. This is no criticism. Whether he intended to sabotage economics or genuinely thought he was making a step forward, Pareto would have paralyzed the science if he had been taken seriously.Gordon Tullock in "Smith v. Pareto", Atlantic Economic Journal, September 1999. Posted at September 1, 2004 03:01 PM
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