Noahpinion • 32118 implied HN points • 13 Jan 25
- Many economists don't need to read the original works of thinkers like Marx or Smith to understand economics. They usually study practical models and theories that help solve real-world economic problems.
- Modern economic education often emphasizes foundational papers by influential economists, which explain key concepts like market failures and public goods, rather than focusing on Marxist ideas.
- Reading Marx can be useful, but mainly as a cautionary tale about how economic theories, if misapplied, can lead to disastrous outcomes in real life. It reminds economists to approach their work with humility.