Heavy Lifting - thoughts and web finds by an economist
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Wednesday, May 11, 2005
Because when he pipes off about economics he is ignorant. Today he makes fun of Akerloff and the lemons market, dismissing it as obvious to everyone and that Nobel laureattes in economics are themselves not very good.
As Dennis Wilson is prone to say: "the worst economists are economists."
But this is not what Limbaugh was getting at, and for him to belittle what Akerloff did is like a graduate student scoffing at Marshall because we all learn the supply and demand diagram in freshman economics, therefore Marshall didn't do anything important.
Limbaugh presents himself as being a Heavy Lifter and yet he is really just a free-rider, like the rest of us, on the real brains in the world.
If Limbaugh doesn't know much about economics, something that I know a little about, how can I trust him to tell the truth about things that I don't know much about. He is entertaining, although not as much as he was say 10 years ago, but I am not sure he is very trustworthy.
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