4. Economists do not have the solutions to all the world's problems. However, economists point out that many of our economic and social policies are p

04. Economists do not have the solutions to all the world's problems. However, economists point out that many of our economic and social policies are poor choices. Herbert Stein, an economist who spent almost fifty years working in Washington, D.C., expressed this point in the preface to one of his books : “Economists do not know very much... Other people, including the politicians who make economic policy, know even less about economics than economists do.”

Stein, Herbert. Washington Bedtime Stories: The Politics of Money and Jobs. New York: The Free Press, 1986, p. xi.