Comments on: Economists Are Not Entrepreneurs

By: spostrel

spostrel — Sun, 28 Jan 2007 01:27:47 +0000

My first-day lecture on strategy starts with how I’m not teaching an algorithm for wealth creation but the course is nonetheless useful. Incentive compatibility (why would I be here if I could easily use my knowledge to get rich?) and efficient market arguements play important roles in this explanation.

D. McCloskey’s book If You’re So Smart is the best meditation I’ve found on the relationship between creative endeavors and the critical/analytical fields that grow up around them. Business and economics, literature and criticism, etc. are discussed. There’s also a good analysis of why efficient markets rule out the possibility of effective, low-cost magic but don’t rule out effective poetry (despite its “magical” effect on the reader). Also, it may be the best read of all of McCloskey’s books.

By: russ Bankson

russ Bankson — Fri, 26 Jan 2007 23:12:47 +0000

It may not be necessary to “play the game” but ignorance of the higher order effects of many economic policies can delude successful (unsuccessful) businesspersons into supporting ( or not opposing) polices the effect of which will change “the game” from a non-zero sum version into a zero sum game.
Through such ignorance or shortsightedness, a businessperson can contribute to destroying the very ecological (economic) system that makes his existence possible

By: Eric H

Eric H — Fri, 26 Jan 2007 14:59:05 +0000

“knowledge of economic theory, while valuable, is neither necessary nor sufficient for commercial success.”

As an example, may I suggest Robert Owen?