Letters to the Editor
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Funny thing about economists
One of the brightest economists ever (and the 1993 Nobel laureate in economics) once noted, "If economists are so smart, why is Africa so poor?"
North's point was that one can't ignore political institutions (and reform) and expect a lot of movement in an economy by addressing isolated policies. In fact, economic and political change comes in a very slow, path-dependent manner. As another very bright economist (W.B. Arthur) adds, often times countries, like firms, are "locked-in" to inefficient paths. One policy (whether you support it or not) is not going to break us out of that path and really, it's a moot discussion if we don't also address the root inefficiencies in the energy market and in the political system.