The purpose of studying economics is... to learn how to avoid being deceived by economists. Joan Robins
Economics is the simplest of social sciences... Henry George
Economic literates are ordinary people who think for theselves
about economic fundamentals as
a safeguard agains being deceivd by economists.
Frederick Hayek has an important comment on exonomists who are merely economists [bold emphasis is mine]:
"It may well be that the chemist or physiologist is right when he decides that he will become a better chemist or physiologist if he concentrates on his subject at the expense of his general education. But in the study of society exclusive concentration on a speciality has a peculiarly baneful effect: it will not merely prevent us from being attractive company or good citizens but may impair our competence in our proper field—or at least for some of the most important tasks we have to perform. The physicist who is only a physicist can still be a first class physicist and a most valuable member of society. But nobody can be a great economist who is only an economist—and I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger."
