Index Investing News
Saturday, May 31, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Robert Graboyes on the Minds of Economists

by Index Investing News
February 2, 2024
in Economy
Reading Time: 2 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


In the 1956 film, Invasion of the Body Snatchers, extraterrestrial seed pods replicate individuals and replace them with identical-looking, emotionless automatons. My first week at Columbia, Phillip Cagan, the serious-faced, reedy-voiced director of graduate studies seemed to promise to do something similar to us newcomers. Standing before us at our first gathering as a class, he rubbed the back of his own head, as was his habit while speaking, and told us something along the lines of:

“This is a department of economics. After you finish here, you’ll think economics, eat economics, drink economics, walk economics, talk economics, sleep economics, and dream economics. You’ll filter every thought you have through economics.”

Some of us sat in silent fear of this pledge to rewire our brains for some as-yet-unknown process. It sounded like the early stages of recruitment into a cult.

In the 44 years since, I’ll have to say that Cagan’s promise was absolutely on the mark, but the results turned out to be humanizing, rather than dehumanizing. Economic methodology, in turned out, demanded a level of respect for humanity that is often missing in other social sciences. In studying how people make choices, for example, economists don’t presume that, “People drive too fast because (unlike me) they’re too stupid to understand the dangers.” Economists, instead, must ask, “Why do intelligent people drive too fast, given that they know and understand the dangers of doing so?” It turns out that assuming that people are smart is more challenging than assuming they’re stupid. But assuming they’re smart yields far greater insights.

 

All of the above is from Robert F. Graboyes, “The Minds of Economists,” Bastiat’s Window, January 31, 2024.

I had planned to put this on my Weekly Reading that I post on Sunday, but the whole thing is so good that it deserves its own post.

What I found particularly heartwarming was his story about C. Lowell Harriss. Harriss lived from 1912 to 2009. Often, I would get a letter from him after I had published an op/ed in the Wall Street Journal or even, occasionally, in less well-known publications. He would often comment briefly, sometimes to praise, sometimes to criticize gently, and would enclose a host of cartoons. He would always say. “No reply expected.” Unfortunately, therefore, I didn’t reply except maybe once, and I now wish I had replied more. He was such a gentleman.

Fortunately, I kept a file of many of his letters. In one, he enclosed his first formal photograph. It’s above.



Source link

Tags: EconomistsGraboyesmindsRobert
ShareTweetShareShare
Previous Post

Side CEO Urges Agents To Reject Negativity, Lean Into Community

Next Post

Computer programming: What it is and what you need to know to learn it

Related Posts

Donald Trump says he’ll double metal and aluminium tariffs to 50%

Donald Trump says he’ll double metal and aluminium tariffs to 50%

by Index Investing News
May 31, 2025
0

Unlock the White Home Watch e-newsletter without spending a dimeYour information to what Trump’s second time period means for Washington,...

Who Bears the Burden of Tariffs?

Who Bears the Burden of Tariffs?

by Index Investing News
May 31, 2025
0

  Co-blogger Jon Murphy, in “Why Should Individuals Pay Tariffs?” Might 29, 2025, factors out that U.S. tariffs are largely...

Life is Fabricated from Commerce

Life is Fabricated from Commerce

by Index Investing News
May 30, 2025
0

With out commerce, life extra advanced than micro organism couldn't exist. We are actually fabricated from free commerce. It's in...

MiB: Tom Barkin, Richmond Federal Reserve President & CEO

MiB: Tom Barkin, Richmond Federal Reserve President & CEO

by Index Investing News
May 30, 2025
0

    This week, I communicate with Tom Barkin, Richmond Federal Reserve President & CEO. He beforehand spent 30 years...

US items imports tumble 20% in April as Trump’s tariffs disrupt commerce

US items imports tumble 20% in April as Trump’s tariffs disrupt commerce

by Index Investing News
May 30, 2025
0

Keep knowledgeable with free updatesMerely signal as much as the US commerce myFT Digest -- delivered on to your inbox.US...

Next Post
Computer programming: What it is and what you need to know to learn it

Computer programming: What it is and what you need to know to learn it

Terrifying mushroom cloud of flames erupts yards away from apartment blocks in Kenya as terrified residents flee

Terrifying mushroom cloud of flames erupts yards away from apartment blocks in Kenya as terrified residents flee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Is Bitcoin (BTC) Value on Shaky Floor? Market Indicators Replicate Patterns That Foretold the Latest Slide in Trump Media Shares

Is Bitcoin (BTC) Value on Shaky Floor? Market Indicators Replicate Patterns That Foretold the Latest Slide in Trump Media Shares

November 15, 2024
Qatar says it has ‘stalled’ Israel-Hamas mediation efforts till sides present ‘seriousness’ for Gaza deal

Qatar says it has ‘stalled’ Israel-Hamas mediation efforts till sides present ‘seriousness’ for Gaza deal

November 10, 2024
CSCO Earnings: Cisco Q3 2025 revenue rises on increased revenues, beats estimates

CSCO Earnings: Cisco Q3 2025 revenue rises on increased revenues, beats estimates

May 15, 2025
Swiss defend determination to not undertake newest Russia sanctions in full By Reuters

Swiss defend determination to not undertake newest Russia sanctions in full By Reuters

October 18, 2024
Analysis of a Company Murder

Analysis of a Company Murder

April 6, 2023
Policymakers should tune extra into States, says Finance Fee Chief Panagariya

Policymakers should tune extra into States, says Finance Fee Chief Panagariya

January 25, 2025
Carbon taxes vs. regulation – Econlib

Carbon taxes vs. regulation – Econlib

September 12, 2024
Gas costs are an issue for enterprise and shoppers — Why prices are so excessive

Gas costs are an issue for enterprise and shoppers — Why prices are so excessive

May 29, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In