If the theories of economists are harmful to the general welfare, why doesn’t someone try to persuade the public that these theories are mistaken?
Collective action in this sense is infeasible. If we instead consider the efforts of a single individual, the cost in terms of time and effort of discrediting an economic theory is substantial, while the benefits are dispersed over many people and so are comparatively small. In any case, the efforts of one person are unlikely to be decisive in swinging the consensus of economists away from a given erroneous theory. It follows logically that the rational decision for an intellectual consumer is to be inactive on this front, and even to be ignorant of the flaws in economic theory.
Sunday, February 12, 2012
I Am Not Rational
At least by this assessment: