Economists and Politicians

PAUL WALKER, in his always readable ”Anti-dismal” economics Blog HERE quotes Donald J. Boudreaux, professor of economics at George Mason University in Fairfax, (another most readable economist) HERE 

“Adam Smith pointed out [237] years ago that "Consumption is the sole end and purpose of all production" [WN IV.viii.49:660] and that the measure of a country's true wealth, is the total of its production and commerce. That is, a country's wealth is what the people of that country can consume. The great 19th century French economic pamphleteer Frédéric Bastiat wrote, "Consumption is the end, the final cause, of all economic phenomena, and it is consequently in consumption that their ultimate and definitive justification is to be found." ….

“regardless of individual ideological leanings, a great majority of economists support globalization and are skeptical of government-imposed controls on prices.”

…”Politicians — despite staging poses to the contrary — seldom really seek the advice of economists. Politicians instead seek re-election.

“Politicians — despite staging poses to the contrary — seldom really seek the advice of economists. Politicians instead seek re-election.”

…”Whenever there is — as there is often — a conflict between heeding the advice of the economist and heeding the advice of the pollster, 99 times out of 100, the politician will ignore the economist. (Politicians who do the contrary do not long remain politicians.)

…”So the economist who chooses to converse with the general public must be patient. He also must have no need to inflate his ego with evidence that his advice leads directly to changes in public policy. He must rest content with no more than the hope that, if he does his best, he might help to improve policy sometime in the uncertain future.“

 “So the economist who chooses to converse with the general public must be patient. He also must have no need to inflate his ego with evidence that his advice leads directly to changes in public policy. He must rest content with no more than the hope that, if he does his best, he might help to improve policy sometime in the uncertain future.”

Comment

Seems to me a fair statement of a Smithian position, adjusted for our mass electoral democracies, at least those backed by Liberty (i.e., justice and the rule of law], conditions not always present in all countries, especially those that include “democratic” in their official UN names.

[Hat Tip: Paul Walker, Anti-Dismal]