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To: snarkpup
"course in economics"

Were Adam Smith, Friedman, Hayek, or any other free-marketeers ever discussed in your econ class? They were never mentioned in the econ class I took in college...except negatively. I wonder if they're discussed in any college classes and how many econ profs are hard-core libs? It seems a very large percentage are.

23 posted on 02/22/2009 3:56:15 AM PST by driftless2
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To: driftless2
Were Adam Smith, Friedman, Hayek, or any other free-marketeers ever discussed in your econ class?

Adam Smith was mentioned, but not any modern economists who knew what they were talking about. Instead, Samuelson's text was supplemented with a book by Galbraith. I had to discover Mises, Hayek and Friedman on my own years later.

The concept of supply/demand price-setting was mentioned; but I don't recall anything being said about prices being used as signals to regulate resource allocation in a system too complex for central planning.

I took the course during the Nixon-Ford malaise. This was a time when Keynesian economics was falling flat on its face. The professor suspected that, since Keynesianism couldn't explain what was going on, there might be something wrong with it; but he didn't know what it was. My impression was not that he opposed people like Hayek; rather, I don't think he was familiar with them. It didn't occur to him to question the Keynesian dogma that seeking the worst products and services at the highest price (i.e., government spending) was economically equivalent to seeking the best products and services at the lowest price (i.e., private spending).

24 posted on 02/22/2009 8:34:52 AM PST by snarkpup (We need to replace our politicians before they replace us.)
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