By Marjorie Smith, 8-21-06
I went to hear Nobel Laureate Thomas Schelling speak the other night because I wanted to see what the guy looks like who came up with an idea that sometimes gives me hope for the human race. For the record, he looked a bit like a leprechaun, younger than his 85 years, almost bouncy as he paced about the stage in the Museum of the Rockies’ Hager Auditorium, telling us something he wants the world (and especially our nation’s leaders) to remember: Nuclear weapons are only useful as deterrents.For Newewst readers from Wikipedia re: the "Dismal Science":
The dismal science is another, often derogatory, name for economics devised by the Victorian historian Thomas Carlyle.
It is often stated that Carlyle gave economics the nickname 'dismal science' as a response to the writings of Thomas Robert Malthus, who grimly predicted that starvation would result as projected population growth exceeded the rate of increase in the food supply.
However the full phrase "dismal science" first occurs in Carlyle's 1849 tract entitled Occasional Discourse on the Negro Question, in which he was arguing for the reintroduction of slavery as a means to regulate the labor market in the West Indies:
"Not a 'gay science,' I should say, like some we have heard of; no, a dreary, desolate and, indeed, quite abject and distressing one; what we might call, by way of eminence, the dismal science"
Developing a deliberately paradoxical position, Carlyle argued that slavery was actually morally superior to the market forces of supply and demand promoted by economists, since, in his view, the freeing up of the labor market by the liberation of slaves had actually led to a moral and economic decline in the lives of the former slaves themselves.
Carlyle's view was attacked by John Stuart Mill and other liberal economists.
Marjorie:
You write regarding FREE: "Who cares if it’s apocryphal, it’s a great story – although I expect the folks at...FREE might object to my interpretation since they hold that the market economy is the best solution to every problem and have been known to preach that Yellowstone would be much better preserved if it were in private hands."
This is simply not a correct description of our work and ill serves Newwest readers.
Jphn Baden's earliest peer-reviewed articles in economics journals and his first book with ecologist Garrett Hardin in 1977 until now, have consistently and thoroughly emphasized the imperfection of markets.
John stresses fostering sound governmental institutions and healthy not-for-profit organizations. He has produced a dozen books and hundreds of popular articles and columns ranging from the New York Times, Wall Street Journal, and Forbes to regular Wednesday Bozeman Daily Chronicle pieces. None of this is fugitive literature and all is available on our web site.
I have included below quotes from several of his columns, all available on our web site, that refute your characterization. In the future I hope you'll take the time to get the story right. Perhaps you'd like to stop by the office and do an interview?
Reform, Don't Privatize National Forest Management, July 3, 2002
“...no good economist argues that the market is a magic elixir of near perfection. It is not and will never be. Markets coordinate wonderfully as they drive toward narrow efficiency, but they ignore much that is intangible and often destroy that which has no price and no owner. Business is naturally rapacious when not held accountable. That's why we need sensible environmental regulations.”
Factory Farms Efficiency Comes with a High Price, January 20, 1999
“The market forces worked their magic selecting for ever greater efficiency. But some of the magic is black.... Beyond earthworms and bees, it's unseemly and disquieting to treat animals strictly as objects with mere commercial value.... It is no surprise that appropriate regulations have been so slow in coming. The political power of the wealthy and well organized is immense.”
Nice piece. My favourite essay on Schelling Points is by another game theorist called Roger Myerson. It's at http://home.uchicago.edu/~rmyerson/research/justice.pdf.
This article was printed from www.newwest.net at the following URL: http://www.newwest.net/main/article/the_optimistic_guru/