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Spring 2011
ISSN 0890-913X
Volume 26, Number 2

Economics For Yesterday, Today, and Tomorrow

Peter J. Boettke, George Mason University
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TheJournalofPrivateEnterprise26(1),2010,1-14EconomicsForYesterday,Today,andTomorrowPeterJ.BoettkeMercatusCenter,GeorgeMasonUniversityAbstractThispaperseekstoexplorewhatisenduringandwhatisfleetinginthebasicteachingsofeconomics.Thecoreclaimofthepaperisthatwhatisenduringineconomicsismostoftenpoliticallyunpopular,andwhatisfleetingineconomicsisusuallypoliticallyviableandquiteoftenpopular.ThisresultsinaconflictbetweengoodeconomicsandgoodpoliticsthatwasevidentfromthetimeofAdamSmithtothecontemporaryworldthatweasresearchersandteachersoccupy.JELCodes:B20,B53,P10Keywords:Keynesianeconomics;Aggregatedemandfailure;Pricetheory;EconomicprinciplesThelatestneweconomics,’andinmyopinionrathertheworstforfallaciousdoctrineandperniciousconsequences,isthatlaunchedbythelateJohnMaynard(Lord)Keynes,whoforadecadesucceededincarryingeconomicthinkingwellbacktothedarkage…Theseriousfactisthatthebulkofthereallyimportantthingsthateconomicshastoteacharethingsthatpeoplewouldseeforthemselvesiftheywerewillingtosee.Thetimehascometotakethebullbythetailandlookthesituationsquareintheface.’”FrankKnight(1951,pp.36263;364;365)ThispaperwaspreparedfortheoccasionofreceivingtheAdamSmithAwardfromTheAssociationofPrivateEnterpriseEducationinApril2010.Iwas(am)verygratefultohavereceivedthisawardfromAPEE,andmyremarksfromthateveningcanbefoundat:http://www.coordinationproblem.org/2010/04/2010adam-smith-award-remarks-read-on-april-11th-in-las-vegas.html.IwouldliketothankEdwardStringhamforeditingthespecialissueoftheJournalofPrivateEnterprisethatconsistedofessaysofmyformerstudentsinmyhonorthatwasorganizedtocoincidewiththeSmithAward.Ihavelearnedmorefromthesestudentsthantheycaneverimagine,andIcanonlywishforthemthewonderfulexperienceinteachingeconomicsthroughouttheircareersthatIhavebeenabletohaveinminebecauseofthem.Thankyou.1
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