Important distinctions

Over at The Austrian Economists, Frederic Sautet reports on the arrival of the Paris School of Economics. There is some good news here. The embrace of the French authorities suggests that the sort of neo-classical-engineering economics that the Paris School is likely to feature is on its way becoming a relic.

Dan Klein takes up the discussion of distinctions in his new post. The label "Economist" can mean many things to many people. But it is more than odd when there is lopsided attention to market failure as opposed to government failure. Both can, of course, occur but the former is more often facilitated than ameliorated by the latter. Something is amiss when some very smart people miss this simple fact.