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Beware of economists who give you the answer you want to hear.
Around the careers of these three outstanding economists you could easily weave the story of Pakistan's economic development in its first two decades.
David Resler, who has been with Nomura for 25 years, lastly serving as managing director and chief economist, will serve in his new role as chief economic advisor, helping the firm to further strengthen its economics franchise.
If economists have as much sway as Keynes thought, then public attitudes and public policy should be affected by the growth or decline in the number of economists relative to the total population.
Economist Daniel Blake, director of the San Fernando Valley Economic Research Center at California State University, Northridge, said the forecasted levels of job and GDP growth are sustainable.
But even with formal path dependency analysis--as with traditional historical analysis--defining which initial factors are crucial in determining later evolution, has led recently to a highly contentious debate among economists and economic historians, for example, about why poor countries have failed to develop.
The great neo-classical economist Alfred Marshall wrote that helping people live "a cultured life, free from the pains of poverty .
Normally we don't expect politicians to listen to live economists.
Maybe even more effective were the scare-and-doomsday bestsellers, some by respected economists such as Hans-Werner Sinn, who heads the Munich Ifo Institute for Economic Research and also chairs the Verein fur Sozialpolitik (VS), Germany's quasi-equivalent of the American Economic Association.
Some economists hold that such markets could be used to assess potential consequences of policy decisions by a government, corporation, or other institution.
The second problem, what economists call inappropriability, is the divergence between social and private benefit--in this case, the difference between the benefit society would reap from an invention and the benefit reaped by the inventor.
ECONOMISTS ARE THE ORACLES of our age, bestowing their wisdom on a world confronted with the dizzying choices of globalization.