![]() If what economists have to contribute is so good, why don’t more people tune in? Israel Kirzner grapples with George Stigler’s claim that economic advice is not valuable. Hayek, in the essay reprinted here, urges economists not to “directly aim at immediate success and public influence.” Seek “light,” he recommends, not “fruits.” In this way the economist maintains intellectual integrity and lessens the likelihood that economic insights will be misapplied. The problem is not that economists lack clout, but that some seek to maximize their influence by stooping to promote special interests. Observe how free trade has mutated into “managed trade.” Sound economic principles, moreover, may be misapplied. Economists who warned against wage and price controls in the 1970s could not convince the public to shun them. Even when the advice of economists is good, the public will not necessarily take it. Those who denigrated saving, for example, contributed to a lower standard of living today. Economists can be and often have been flat out wrong. Klein asks: “Are economists today, in making their individual choices, led to promote ends of human betterment?” He begins by playing the devil’s advocate and gives several reasons why the contributions of economists might not lead to human betterment. All three groups, especially undergraduates contemplating graduate study in economics, will be fascinated and perhaps troubled by what they read. Although the title implies that the book is directed to students and intelligent laymen who would otherwise not know the answer, the book is aimed just as much at professional economists themselves. In What Do Economists Contribute? he and nine other economists (most of them known to readers of Ideas on Liberty) try to explain just how economists contribute to the betterment of mankind. For more information, please see SHOOK is a registered trademark of SHOOK Research, LLC.Professor Daniel Klein of Santa Clara University is one of the most engaging and creative economists around. ![]() Past performance is not an indication of future results. ![]() Investors must carefully choose the right advisor or team for their own situation and perform their own due diligence. ![]() SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor or team and not indicative of future performance or representative of any one client’s experience. Participation in this directory is limited to ranked teams and advisors once placed on a ranking, teams or advisors may choose to pay fees to Forbes and Shook for premium listing features as indicated by highlighted names. ![]() Neither SHOOK nor Forbes receive compensation in exchange for its Top Wealth Management Teams placements or rankings, which are determined independently (see methodology above). Investment performance is not a criterion because client objectives and risk tolerance vary, and advisors rarely have audited performance reports. Data provided by SHOOK ® Research, LLC – Data as of 3/31/22.įorbes Best-In-State Wealth Management Teams ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings and a ranking algorithm that includes: a measure of best practices, client retention, industry experience, review of compliance records, firm nominations and quantitative criteria, including assets under management and revenue generated for their firms. ![]()
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