Ask five economists and you'll get five different answers, six if one went to Harvard

Ask five economists and you'll get five different answers, six if one went to Harvard

Edgar R. Fiedler, an American economist and author, once famously said, “Ask five economists and you'll get five different answers, six if one went to Harvard.” This quote humorously captures the diversity of opinions and perspectives within the field of economics. It highlights the fact that economics is not a monolithic discipline with clear-cut answers, but rather a complex and multifaceted field that is open to interpretation and debate.

The statement by Fiedler underscores the inherent subjectivity and uncertainty that exists in economics. Unlike some other scientific disciplines where there may be more consensus on certain issues, economics is often characterized by a wide range of viewpoints and theories. This diversity of thought can be both a strength and a weakness of the field, as it allows for innovation and new ideas to emerge, but can also lead to confusion and conflicting advice.

The reference to Harvard in Fiedler’s quote is particularly noteworthy, as it alludes to the reputation of the university as a prestigious institution with a strong influence in the field of economics. Harvard has produced many prominent economists over the years, whose ideas have shaped the discipline in significant ways. However, even among economists from Harvard, there is no guarantee of unanimity in their views. This further emphasizes the point that economics is a dynamic and evolving field, with room for a wide range of perspectives and interpretations.

Overall, Fiedler’s words serve as a reminder that economics is not a precise science, but rather a social science that is influenced by a variety of factors, including political beliefs, cultural norms, and personal biases. By acknowledging the diversity of opinions within the field, we can better appreciate the complexity of economic issues and strive to find solutions that take into account a range of perspectives.