Scholarly Comments on Academic Economics

A Little More Liberty: What the JEL Omits in Its Account of What the Economic Report of the President Omits

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Abstract

The classical liberal character of economics emerged in the eighteenth century, notably with Adam Smith’s view that politics is prone to an under-appreciation the relative virtues of natural liberty. Smith centered political economy on the presumption of liberty. The Journal of Economic Literature published a review of The Economic Report of the President. Five authors writing separately raised numerous omissions in The Economic Report of the President. The authors do not suggest as worthy reform a single ERP-omitted potential liberalization. The review shows little trace of the Smithian character.