John Neville Keynes (1919), in his classic book The Scope and Method of Political Economy, argued for a well-defined role of economists in describing the consequences of alternative actions or defining the opportunity set. This role, according to Neville Keynes, should be separated from that of the political process, which entails choosing among the points on the frontier of the opportunity set. Seldom is it the case that the frontier consists of a single point. And accordingly, seldom should it be the case that the adviser should give a single recommendation. This is particularly true when there is uncertainty about the consequences of various policies. Advisers, of course, have a responsibility to make sure that the alternative outcomes, and the probabilities associated with them are understood as precisely as possible. But the ways in which risks are weighted and balanced becomes a political decision for many to participate in. No outsider can, or should, impose his or her risk preferences on those who must live with the consequences. #MyJourneyTowardsTheSustainableDevelopmentofBotswanaAfricaandTheWorld :-)
Posted on: Mon, 10 Mar 2014 07:22:33 +0000
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