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Politics : Politics for Pros- moderated
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From: LindyBill8/20/2009 1:29:57 PM
   of 793931
 
Barney Frank on the Economics Profession

By Greg Mankiw

Via David Wessel, here is a great quotation from congressman Barney Frank:

Not for the first time, as an elected official, I envy economists. Economists have available to them, in an analytical approach, the counterfactual. Economists can explain that a given decision was the best one that could be made, because they can show what would have happened in the counterfactual situation. They can contrast what happened to what would have happened. No one has ever gotten reelected where the bumper sticker said, "It would have been worse without me." You probably can get tenure with that. But you can't win office. Link
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