Words Worth Noting - August 17, 2022

“Few are presumptuous enough to dispute with a chemist or mathematician upon points connected with the studies of labour of his life. But almost any man who can read and write feels at liberty to form and maintain opinions of his own upon trade and money …. The economic literature of every succeeding year embraces works conceived in the true scientific spirit, and works exhibiting the most vulgar ignorance of economic history and the most flagrant contempt for the conditions of economic investigation. It is much as if astrology were being pursued side by side with astronomy or alchemy with chemistry.”

Gen. Francis A. Walker, a professor at Yale and later president of M.I.T., quoted by Milton Friedman in CATO Policy Report Vol. XXI No. 2; another source on which my notes are culpably incomplete calls him “probably the most famous American economist of the nineteenth century” and director of two national censuses, which latter claim Wikipedia confirms, adding that he was wounded at Chancellorsville, fought in other battles, became a POW, was made a brevet brigadier general at age 24, and went on to a series of other achievements that make one wonder what one has done with one’s own life.