It’s easy to believe what everyone else believes – it’s harder when no one else believes the same

There is this exchange with Ronald Coase:

Reason: You began teaching at the University of Virginia in the late 1950s, and by the early 1960s the administration there was not impressed with the work being done by yourself, Warren Nutter, James Buchanan, Gordon Tullock- four of the most famous and influential economists in the post-war era, two of whom [Coase and Buchanan] went on to win Nobel prizes. Yet the University of Virginia was not happy with what was happening in their economics department.

Coase: They thought the work we were doing was disreputable. They thought of us as right- wing extremists. My wife was at a cocktail party and heard me described as someone to the right of the John Birch Society. There was a great antagonism in the ’50s and ’60s to anyone who saw any advantage in a market system or in a nonregulated or relatively economically free system.

Well, let me change that last sentence just a bit:

There was a great antagonism at the start of the twenty-first century to anyone who saw any advantage in a supply-side approach to the macroeconomy or in a nonregulated pre-Keynesian theory of the cycle based around Say’s Law.

Everyone is so smug and self-satisfied about knowing the world is round once everyone else believes it too. It’s not as easy when there is no one else around anywhere who believes the same things as you do.

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