(This is an essay about Tom Sowell’s Knowledge and Decisions. I prepared it for a panel discussion at the Hoover Tom Sowell celebration, which will necessarily be much shorter.
And thankfully, good economists have abandoned the "grand conceit" and now study the planner problem under information constraints. Our profession is dismal, but we're not entirely stupid. Thanks for being a great teacher!
Absolutely wonderful at length article! I noticed that you pointed out how much of a UCLA School economist Thomas Sowell was and I was so relieved to read that, I got so fed up that no other scholars seemed to notice that, that I, a non scholar wrote an article on Medium about it:
Typo in "Hayek undeoes a grand conceit:"
Tour de force! Not just Tom, but you.
The most approriate quote from Hayek (The Use of Knowledge in Society) is, “we must look
at the price system ... as a mechanism for communicating information if we want to understand its real function”.
And thankfully, good economists have abandoned the "grand conceit" and now study the planner problem under information constraints. Our profession is dismal, but we're not entirely stupid. Thanks for being a great teacher!
Excellent essay. Thoughtful and fair.
Thomas Sowell is the Oracle of contemporary Political Economy. He's layed the groundwork for the next great Doctor
Absolutely wonderful at length article! I noticed that you pointed out how much of a UCLA School economist Thomas Sowell was and I was so relieved to read that, I got so fed up that no other scholars seemed to notice that, that I, a non scholar wrote an article on Medium about it:
https://medium.com/@spencerantoniomarlenstarr/thomas-sowell-should-be-recognized-as-a-member-of-the-ucla-school-of-economics-9983a030e665
What an excellent article! Many thanks.