Summary: The debate revolves around whether economists should read Karl Marx, as some argue it’s essential for understanding economic history. While many economists study foundational papers that shape modern thought, Marx’s ideas are often seen as less relevant today. However, reading Marx can provide valuable insights into historical struggles and caution against misapplying economic theories.
it’s important to point out that studying history of thought isn’t always useful. Just as doctors usually don’t study the works of Galen, and physicists usually don’t read Isaac Newton, economists don’t really have to read the original works of Alfred Marshall to understand supply and demand, or read John Nash’s original papers to understand game theory. The most useful concepts in science stand alone, divorced from the thought process of their originators. (View Highlight)
New highlights added January 19, 2025 at 6:22 AM
Prioritizing research you’re equipped to understand over that which is opaque to you is a natural human reaction, but it’s a form of the streetlight problem. (View Highlight)