A Libertarian Take on Economic Faith, 'Facts' and Follies | The Business Desk with Paul Solman | PBS NewsHour | PBS

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I fear that the economics profession, once a bulwark against popular economic fallacies, has now become a net drag on society and our collective understanding of the world. Not the economic way of thinking, which in its simplest form remains powerful and empowering. Not every economist. But the profession as a whole. As economist Arnold Kling recently put it: "It is a self-perpetuating, in-bred, smug, narrow guild." These are harsh words from a member of the guild. But there's truth in them too.

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