Economists on the Loose by Walter Williams

"On July 11, New York Times reporter Patricia Cohen wrote an article titled, 'In Economics Departments, a Growing Will to Debate Fundamental Assumptions.' The article begins with, 'For many economists, questioning free-market orthodoxy is akin to expressing a belief in intelligent design at a Darwin convention: Those who doubt the naturally beneficial workings of the market are considered deluded or crazy.' Cohen then reports interviews with several prominent economists, one being Princeton professor Alan Blinder, former vice chairman of the Federal Reserve Bank.

Professor Blinder said, 'What I've learned is anyone who says anything even obliquely that sounds hostile to free trade is treated as an apostate.' Continuing his criticisms of mainstream economists, he adds that efforts to intervene in markets, such as mandatory minimum wages, industrial policy and price controls, are also viewed negatively."

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