"Professor Feldstein is wrong," Parker joked. "He was wrong about microeconomics and he will be wrong about macroeconomics."
"Listening to Feldstein is akin to listening to Cotton Mather," he quipped.
Advertisement
Parker stressed that economics can only be understood through the lense of society.
He said states provide police, a judicial system, armies and an arena for a national economy, and markets can only be understood through values that a society's inhabitants decide are permissable.
"Markets don't exist without states," he said. "Economics is about invention,
not discovery."
Nelson spoke next, stressing the fact that the function of the economy is dependent on outside factors.
Want to keep up with breaking news?
Subscribe to our email newsletter.
Read more in News
IOP Stable Despite Structural ChangesRecommended Articles
-
The Politics of EconomicsRecently, a friend told me about a conversation she had with two classmates of hers in Wealth and Poverty in
-
Let It BeT HE MAJORITY VIEWPOINT and the ad hoc committee of section leaders for Social Analysis 10, "Principles of Economics," it
-
Balancing the BooksFor decades, the gleam of polished wood has welcomed hundreds of first-years to Sanders Theater—and their first day of Social
-
Committee Rejects Alternative Ec 10In a swift blow to an initiative aimed at shaking up one of the stalwarts of the Harvard College curriculum,
-
DartboardImproper Los Angelino Dartboard was delighted to cautiously expose sun-deprived skin this week after months of brisk New England weather.
-
A Lesson in MonopolyIn a free market, nothing sparks excellence like competition. Substandard products get weeded out, inefficient firms go bankrupt and better
