But part of the job of economics is weeding out errors. That is much harder than making them, but also more fun.
Robert SolowRead
Why does a public discussion of economic policy so often show the abysmal ignorance of the participants?
Interpretation
What this quote means
The quote highlights the lack of understanding among individuals discussing economic policy.
Robert Solow's quote questions the frequent ineptitude and misunderstanding exhibited by people engaging in public discussions about economic policy. It suggests that despite the significance of these discussions, many participants may lack the necessary knowledge or expertise, which can lead to misguided opinions and ineffective policy deliberation.
Themes
EconomicsPolicyIgnoranceDiscussionPublic Opinion
In practice
Example use cases
In a debate on national economic policy, one might quote this to emphasize the importance of informed discussions.
More from Robert Solow
All quotes βThere is not some glorious theoretical synthesis of capitalism that you can write down in a book and follow. You have to grope your way
Robert SolowRead
Similar quotes
Hillary Clinton understands that if someone in America this country works 40 hours a week, that person should not be living in poverty. She understands that we must raise the minimum wage to a living wage.
Bernie SandersRead
No complaint... is more common than that of a scarcity of money.
Adam SmithRead
In order to deal with all the medical cost demands and other challenges in the U.S., as we look to raise that revenue, the rich will have to pay slightly more. That's quite clear.
Bill GatesRead
If the Republican Party continues to take the view that there must be no tax increases, we're stuck. Capitalism can't work without safety nets or fiscal prudence, and we need both in a sustainable balance.
Thomas FriedmanRead
When inequality gets too extreme, then it becomes useless for growth, and it can even become bad because it tends to lead to high perpetuation of inequality over time and low mobility.
Thomas PikettyRead
The hidden hand of the market will never work without a hidden fist -- McDonald's cannot flourish without McDonnell Douglas, the builder of the F-15. And the hidden fist that keeps the world safe for Silicon Valley's technologies is called the United States Army, Air Force, Navy and Marine Corps.
Thomas FriedmanRead