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I personally believe that economics is fun and valuable. People who say they found it a nightmare in college just didn't have a good teacher-professor. I became a good teacher-professor as a result of tenacious mentors during my graduate study at UCLA. Professor Armen Alchian, a very distinguished economist, used to give me a hard time in class. But one day, we were having a friendly chat during our department's weekly faculty/graduate student coffee hour, and he said, "Williams, the true test of whether someone understands his subject is whether he can explain it to someone who doesn't know a darn thing about it." That's a challenge I love: making economics fun and understandable.
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Economics for the Citizen

 

Walter E. Williams

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The [Oxford tourist] guide would begin: "This, ladies and gentlemen, is Balliol College, one of the very holdest in the huniversity, and famous for the herudition of its scholars. The 'ead of Balliol College is called the Master. The present Master of Balliol is the celebrated Professor Benjamin Jowett, Regius Professor of Greek. Those are Professor Jowett's study-windows, and there" (here the ruffian would stoop down, take up a handful of gravel and throw it against the panes, bringing poor Jowett, livid with fury, to the window) "ladies and gentlemen, is Professor Benjamin Jowett himself."

 

Benjamin Jowett

 

As I near the end of my personal recollections of life at M.I.T., it is impossible to refrain from relating my eye-witness stories about a brilliant man, Norbert Wiener, and his lovable eccentricities. I took two semester courses under Professor Wiener: one was Fourier Series and Fourier Integrals, and the other was, I believe, Operational Calculus. It is vivid in my memory that Professor Wiener would always come to class without any lecture notes. He would first take out his big handkerchief and blow his nose very vigorously and noisily. He would pay very little attention to his class and would seldom announce the subject of his lecture. He would face the blackboard, standing very close to it because he was extremely near-sighted. Although I usually sat in the front row, I had difficulty seeing what he wrote. Most of the other students could not see anything at all. It was most amusing to the class to hear Professor Wiener saying to himself, "This was very wrong, definitely." He would quickly erase all he had written down. He would then start all over again, and sometimes murmur to himself, "This looks all right so far." Minutes later, "This cannot be right either," and he would rub it all out again. This on- again, off-again process continued until the bell signaled the end of the hour. Then Professor Wiener would leave the room without even looking at his audience.

 

Norbert Wiener

 

President Obama once said he wants everybody in America to go to college. What a snob! There are good, decent men and women who go out and work hard every day and put their skills to test that aren't taught by some liberal college professor and trying to indoctrinate them. Oh, I understand why he wants you to go to college: he wants to remake you in his image. I want to create jobs so people can remake their children into their image, not his.

 

Rick Santorum

 

Alchian: Two things you [Hayek] wrote that had a personal influence on me, after your Prices and Production, were 'Individualism and Economic Order' [sic — Alchian certainly has in mind Hayek's 'Economics and Knowledge'] and 'The Use of Knowledge in Society.' These I would regard as your two best articles, best in terms of their influence on me.
Hayek: 'Economics and Knowledge' — the '37 one — which is reprinted in the volume, is the one which marks the new look at things in my way.
Alchian: It was new to you, too, then? Was it a change in your own thinking?
Hayek: Yes, it was really the beginning of my looking at things in a new light. … I was aware that I was putting down things which were fairly well known in a new form, and perhaps it was the most exciting moment in my career when I saw it [i.e. 'Economics and Knowledge'] in print.
Alchian: Well, I'm delighted to hear you say that, because I had that copy typed up to mimeograph for my students in the first course I gave here [i.e. UCLA]. And Allan Wallace … came through town one day, and I said, 'Allan, I've got a great article!" He looked at it, started to laugh, and said, "I've seen it too; it's just phenomenal!' I'm just delighted to hear you say that it was exciting, because it was to me, too … that was a very influential article, I must say.

 

Friedrich Hayek

 

In 1879, American economist Francis Walker tried to explain why members of his profession were in such "bad odor amongst real people". He blamed it on their inability to understand why human behavior fails to comply with economic theory. We do not always act the way economists think we should, mainly because we're both less selfish and less rational than economists think we are. Economists are being indoctrinated into a cardboard version of human nature, which they hold true to such a degree that their own behavior has begun to resemble it. Psychological tests have shown that economics majors are more egoistic than the average college student. Exposure in class after class to the capitalist self-interest model apparently kills off whatever prosocial tendencies these students have to begin with. They give up trusting others, and conversely others give up trusting them. Hence the bad odor.

 

Frans de Waal