The oldest problem in economic education is how to exclude…
““The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device.””
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economic education often fails to filter out those lacking true analytical skill, relying instead on flashy rhetoric.
In simple terms: Flamboyant talk hides lack of real ability.
Key Takeaway
Prioritize rigorous quantitative training.
Themes
education
competence
screening
economics
analysis
Mood
critical
analytical
skeptical
Type
advisory
educational
When to use this quote
- university classrooms
- policy think tanks
- financial training programs
- interviews for analyst positions
Key Concepts
mathematical modeling
critical thinking
competency assessment
Questions to Reflect On
- How can we design assessments that truly gauge analytical skill?
- What role does practical problem‑solving play in screening?
A Different Perspective
Relying solely on rhetoric can mislead hiring decisions.