By the criterion most beloved by the economics profession, economists have not failed; on the contrary, we are a glorious success. The criterion I am referring to is, of course, that of success in the marketplace. The marketplace continues to value our output highly. The profession is growing at a much faster rate than gross world product. The services it generates are well paid for and in high demand. Its current output and accumulated capital stock of “knowledge” grows at a vigorous rate.
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