Let me begin by discussing the obvious strengths of academic economics. The first obvious strength ane this is true of a lot of places that get repute- is that it was in the right place at the right time. Two hundred years ago, aided by the growth of technology and the growth of other developments in civilization, the real output per capita of the civilized world started going up at about 2 percent per annum, compounded. Before that, for the previous thousands of years, it had gone up at a rate that hovered just a hair’s breadth above zero. And, of course, economics grew up amid this huge success. Partly it helped the success, and partly it explained it. So, naturally, academic economics grew. And lately, with the collapse of all the communist economies, as the free-market economies or partially free-market economies flourished, that added to the reputation of economics. Economics has been a very favorable place to be if you’re in academia.
About Economics by Charlie Munger
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163 words
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1 minutes to read
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