enough to point out that government action might be a good idea. Instead, we must have some confidence that

the government is likely to identify and carry out the appropriate public policy. To make sensible judgments

about economic policy, we must see the strengths and weaknesses of both markets and government. We must

not idealize or demonize either unregulated markets or government actions. Instead, consider the actual

strengths and weaknesses of real-world markets and real-world governments.

These three insights seldom lead to simple or obvious political conclusions. As the famous British economist

Joan Robinson wrote some decades ago: “[E]conomic theory, in itself, preaches no doctrines and cannot

establish any universally valid laws. It is a method of ordering ideas and formulating questions.” The study of

economics is neither politically conservative, nor moderate, nor liberal. There are economists who are
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