Friday, 31 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • đŸ”„
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > What Ought Economists Do? – Econlib
Economy

What Ought Economists Do? – Econlib

Last updated: March 31, 2025 11:06 am
Share
What Ought Economists Do? – Econlib
SHARE

The recent tariffs imposed by Donald Trump have ignited a spirited debate among economists and laypeople alike: Are tariffs beneficial? Perhaps some of them? Should governments selectively impose only the “good” tariffs? While these discussions can be engaging, they also prompt a larger, more philosophical question: What is the true role of economists in society?

The title of this post is a nod to Buchanan’s influential paper. Yet, while Buchanan’s work is noteworthy, my focus shifts to another profound insight of his. To illustrate this, I will share a fascinating anecdote from Richard E. Wagner, one of his former students:

On an exhilarating first day in class, I noticed Buchanan scanning the roll sheet. He appeared to be searching for someone special, then abruptly called out: “Mr. Wagner, what’s wrong with the American tax system?” I felt a surge of excitement.

After a summer of intense reading, I believed I had the answer ready. I confidently began to outline my views on simplifying the tax code by minimizing exemptions and deductions. Buchanan listened intently, which was incredibly gratifying. However, when I finished, he replied: “Mr. Wagner, you shouldn’t be answering that question. We are democrats here, not autocrats.”

Buchanan’s response encapsulates a fundamental tenet of his philosophy: economists are not equipped to dictate what people should desire or to assess what is beneficial for them. In his work, particularly in The Limits of Liberty, he emphasizes that there is no absolute “truth” in political discourse. If one accepts Buchanan’s view and dismisses the notion of a singular truth in politics, it logically follows that, as he states, “we cannot play God, nor can we pretend that our private preferences embody his ‘truth.’”

See also  A Strange Turning Point - Econlib

Ultimately, the power to decide what is “good” resides with the people themselves. Each individual is the best judge of their own desires and needs. As Buchanan eloquently asserts, a situation is deemed “good” if it empowers individuals to achieve their goals, constrained only by the principle of mutual agreement. Thus, it is not the prerogative of economists—or political philosophers, for that matter—to impose their views of goodness upon others.

So, what is the rightful place for economists in this grand scheme? They hold a crucial role: to analyze the implications of various actions and provide recommendations based on the desires of the populace. Their focus should be on prudence, offering citizens sound advice on the most effective means to realize their ends—consistent with the goal of a value-free approach to science.

However, it is important to clarify that this does not preclude economists from critiquing government actions. Indeed, it is often their responsibility to do so. Yet, in these critiques, they must explicitly adopt the perspective of the citizens rather than evaluating governmental actions in a vacuum. Economists can challenge government decisions when they exceed the unanimous consent of the populace. To reiterate, this is not about imposing their own preferences or “truths,” but rather advocating for the supremacy of individual sovereignty. Economists should embody the spirit of democracy, not autocracy.


Max Molden is a PhD student at the University of Hamburg. He has collaborated with European Students for Liberty and Prometheus – Das Freiheitsinstitut. His insights regularly appear in Der Freydenker.

TAGGED:EconlibEconomists
Share This Article
Twitter Email Copy Link Print
Previous Article ‘Wizards Beyond Waverly Place’ Renewed for Season 2 ‘Wizards Beyond Waverly Place’ Renewed for Season 2
Next Article We Are Watching The Collapse Of Trump's Presidency And The GOP Majority We Are Watching The Collapse Of Trump's Presidency And The GOP Majority
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Cleetus McFarland, Denny Hamlin, Brad Keselowski share their favorite Talladega Nights quotes

The NASCAR Cup Series race weekend at Talladega Superspeedway saw drivers like Cleetus McFarland, Denny…

April 28, 2025

Get Thermacell mosquito repellents for their lowest prices of the year during Amazon’s Memorial Day sale

Thermacell Mosquito Repellent Devices on Sale: Protect Yourself from Mosquitoes If you love spending time…

May 19, 2025

H5N9 in Poultry, Tuberculosis Outbreak in Kansas and RFK, Jr.’s Confirmation Hearings

The recent outbreak of tuberculosis in Kansas has garnered a lot of attention in the…

February 3, 2025

Check Out What The Cast Of ‘Clueless’ Looks Like 30 Years Later!

See What The Cast Of 'Clueless' Looks Like Now! Published July 19, 2025 4:00 PM…

July 20, 2025

Earth Day: 20 More Great Environmental Quotes

—Carl Sagan These quotes serve as a reminder of the beauty and importance of our…

April 22, 2025

You Might Also Like

Verizon Communications Stock: Analyst Estimates & Ratings
Economy

Verizon Communications Stock: Analyst Estimates & Ratings

October 31, 2025
BTIG Remains Positive on NextEra Energy (NEE), Highlighting its “Premier Generation Development Platform”
Economy

BTIG Remains Positive on NextEra Energy (NEE), Highlighting its “Premier Generation Development Platform”

October 31, 2025
3 Must-Buy Stocks Fueling the Data Center Surge
Economy

3 Must-Buy Stocks Fueling the Data Center Surge

October 31, 2025
Shake Shack returns to profit in Q3 2025
Economy

Shake Shack returns to profit in Q3 2025

October 31, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?