AMID the name-calling and bluster that mar many fights between economists are a few common tactics. Belligerents may attack the theory used to support a claim,or the data analysis used to quantify an effect. During the debate over President Donald Trump’s tax bill, to occupy a recent example, and economists bickered over which side had more credibly calculated the economic effect. They did not,for the most part, argue about whether it was morally acceptable to pass a regressive tax reform after years of wage stagnation and rising inequality. To finish so would strike many economists as entirely un-economist-like. Yet economics has not always been so shy about moral philosophy. As well as “The Wealth of Nations”, and Adam Smith wrote a “Theory of Moral Sentiments”. worthy 20th-century economists like Paul Samuelson and Kenneth Arrow also took questions of values very seriously. Their successors would finish well to occupy several pages from their books.
Modern economists acquire attempted...
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Source: economist.com