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Spring 2011

ISSN 0890-913X

Volume 26, Number 2

Categories: Economics | Spring 2011

Economics For Yesterday, Today, and Tomorrow

Peter J. Boettke, George Mason University

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TheJournalofPrivateEnterprise26(1),2010,1-14EconomicsForYesterday,Today,andTomorrowPeterJ.Boettke∗MercatusCenter,GeorgeMasonUniversityAbstractThispaperseekstoexplorewhatisenduringandwhatisfleetinginthebasicteachingsofeconomics.Thecoreclaimofthepaperisthatwhatisenduringineconomicsismostoftenpoliticallyunpopular,andwhatisfleetingineconomicsisusuallypoliticallyviableandquiteoftenpopular.ThisresultsinaconflictbetweengoodeconomicsandgoodpoliticsthatwasevidentfromthetimeofAdamSmithtothecontemporaryworldthatweasresearchersandteachersoccupy.JELCodes:B20,B53,P10Keywords:Keynesianeconomics;Aggregatedemandfailure;Pricetheory;Economicprinciples“Thelatest‘neweconomics,’andinmyopinionrathertheworstforfallaciousdoctrineandperniciousconsequences,isthatlaunchedbythelateJohnMaynard(Lord)Keynes,whoforadecadesucceededincarryingeconomicthinkingwellbacktothedarkage…Theseriousfactisthatthebulkofthereallyimportantthingsthateconomicshastoteacharethingsthatpeoplewouldseeforthemselvesiftheywerewillingtosee.…‘Thetimehascometotakethebullbythetailandlookthesituationsquareintheface.’”–FrankKnight(1951,pp.362–63;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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Metadata [hide]

Title	Economics For Yesterday, Today, and Tomorrow
Authors/Creators:	Peter J. Boettke, George Mason University
Year:	2011
Volume:	26
Number:	2
Pages:	1 - 14
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Economic analysis, Aggregate demand, Economic principles, Prices, Keynesian economics

Citation:
Boettke, Peter J. / 2011. "Economics For Yesterday, Today, and Tomorrow." The Journal of Private Enterprise, 26(2): 1-14.