Economics User Guide Part 2

Russell David “Russ” Roberts (born 1954) is an American-born Israeli economist. He is currently a research fellow at Stanford University’s Hoover Institution and president of Shalem College in Jerusalem. He is known for communicating economic ideas in understandable terms as host of the EconTalk podcast. Roberts describes himself as a classic liberal, stating, he believes in limited government combined with personal responsibility. He says I am somewhat of a libertarian, but that term comes with some baggage and some confusion.” In the world of economics ‘classic liberal’ translates as ‘neoclassical’. For non-economists, that really means ‘conservative’. For Part Two of our guide, we wanted to highlight a conservative, neoclassical approach. Like Ha-Joon Chang, Roberts is not only a great communicator, but also particularly self-aware. His entertaining 2014 book: How Adam Smith Can Change Your Life, gives contemporary readers some great insights into the founder of modern economics’ other book – The Theory of Moral Sentiments. Adam Smith (1723 to 1790) wrote The Wealth of Nations in 1776. The term ‘invisible hand’ which first emerged in that book, has taken on almost religious significance with many neo-classical economists. Some Americans in particular confuse the invisible hand with the ‘hand of God’. But not Russ Roberts. His book gets it right.