Meditations and Learnings

Meditations and Learnings

The Kinship of Economics and Medicine

Paul Krugman incisively notes the similarities between economics and medicine: both have emerged recently as scientific disciplines, neither have explored a fraction of what there is to know, many of the known cures are painful, and people care about the issues. Other parallels include passionate disagreement about seemingly solved problems. In medicine: vaccines and weight loss; in economics: inflation and socialism. A related shared characteristic is the fields’ inability to share information with the general public. Messaging to everyman is a challenge for doctors and economists alike. Those best at it tend to spread patently false and harmful ideas because the truth is usually more boring. Each of them features niches and esoteric branches of study that can occupy professors for a lifetime, adding a tiny bit to the pool of knowledge and slightly changing how we view the world.