Why I am proud to be an economist

David Altig ()

Business Economics, 2022, vol. 57, issue 4, No 3, 169-173

Abstract: Abstract In this essay I argue that the economic way of thinking offers a fundamentally generous, inclusive, and optimistic view of the world. Interpreting the behavior of individuals as resulting from constraints rather than preferences promotes a generous view of the decisions made by others. The idea of comparative advantage is inclusive in its observation that every human being has value and something unique to contribute to the whole of society. And the economic efficiency conditions associated with competitive equilibrium—the mathematical expression of Adam Smith’s invisible hand—offers a profoundly optimistic view of the human condition in that it implies the right institutions can deliver a more perfect world, even with imperfect people.

Keywords: De Gustibus Non Est Disputandum; Comparative advantage; Economic efficiency; Invisible hand; Dismal science (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1057/s11369-022-00289-w

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