This volume, which evolved from a number of conversations with economists includes a collection of essays that have two themes: a positive one and a negative one. The positive theme of the essays is that economic analysis, if kept in perspective, is enormously powerful. It provides a way of uncovering the workings of real-world phenomena that fit the perceptions many people have. The negative theme is that economic analysis is not being kept in perspective by economists, and that loss of perspective means that much of what comes out under the name of economic research has little or no value for society. But even this negative theme has positive overtones in demonstrating the power of economic analysis.

chapter |14 pages


part 1|21 pages

Economists and Policy

part 2|50 pages

Economics, Institutions, and Methodology

chapter 3|22 pages

The Making of an Economist

chapter 4|18 pages

Workmanship, Incentives, and Cynicism

chapter 5|8 pages

The Invisible Hand of Truth

part 3|23 pages

Applications to Macroeconomics

part 4|51 pages

Critics of Economics

chapter 8|14 pages

Galbraith and the Theory of Price Control

chapter 9|9 pages

Tearing Down Economists’ Worlds

chapter 11|11 pages

In Defense of Mainstream Economics