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Perhaps I am wrong but it seems to me that all of the popular books that stress the economic rationality of various kinds of human behavior are, broadly speaking, microeconomics books. When it comes to macroeconomics, the popular literature and most of the scholarly literature emphasizes the collective irrationality of individual behavior -- for example, people lose confidence in the macro environment and then slow down their spending thus making matters worse, etc. What does this separation or dichotomy imply? We are rational in the small and irrational in the large? This is a first-class mess.

Pete, it may be 16 days late, but that's an excellent New Year's resolution!

I'm so happy to see Larry White here, my greatest teacher and hero.


I agree, and I am too thrilled to see you on the list. Best wishes for the New Year and for a speedy and full recovery.


So, are you planning on writing a Harford-esque book that laymen who've never heard of the Austrian-school will enjoy?


If you have to stop telling other economists what to do, doesn't that mean you stop focusing/worrying about their sins of OMMISSION? And what you should do, perhaps, is worry about YOUR sins of ommission, work them up, and see if they've turned into sins of commission?

In other words, your quote of Berger confuses the heck out of me.

Good question Dave.

I don't want to be unreflective. Berger, I think, was just telling me to forget it, economists are going to change. Just do you own things. Olson, similarly, was not giving me a philosophical argument but a pragmatic position for professional advancement. Basically summed up as stop your preaching, who are you anyway you haven't done any economics yet, do some economic analysis and then we can talk.

BTW, right now we are getting our first real snow of the season --- winter solitude comes to Fairfax as well (just only a few times a season) as you know.


"Real snow?" Feh. You don't what snow is in Fairfax. Horwitz knows snow. Prychitko really knows snow. And we both know cold. (Dave has lived in arguably the two snowiest cities east of the Mississippi!)

Pete, any place where the grocery stores are out of basics when they *forecast* an inch of snow knows not of "real" winter. ;)

Steve: The "Feh" reminds me of the most unfunny funny line in Billy Crystal's Mr. Saturday Night. And yeh, you do know snow and I have livd in the two most snowiest cities east of the Mississippi. Of course, someone may very well claim it's even snowier in Tasmania. I don't know.

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