|Murray Rothbard (1926 - 1995)|
which categorically bars an economist from ever winning the Nobel Prize in economics: clarity. Murray Rothbard has an addiction: clear, forthright writing. He says what he thinks, and he explains why he thinks it, in easily followed logic. He does not use equations, statistics, and the other paraphernalia of the economics priesthood. He simply takes his readers step by step through economic reasoning, selecting the relevant facts—relevant in terms of the economic logic he sets forth—and drawing conclusions. He gives readers his operating presuppositions; he then marshals the evidence and reaches conclusions. It is an old-fashioned procedure, and decidedly out of favor these days. If you doubt me, pick up a copy of American Economic Review (let alone Econometrica), turn to any page randomly, read it three times to yourself, and offer a brief summary to your wife. Understand, this can be done with Rothbard's books.
North continues, documenting what puts Rothbard's work absolutely beyond the professional pale:
Furthermore, Rothbard does something which is absolutely unacceptable in academia in general and the economics profession in particular. He uses italics. Yes, when he thinks that something is important, he underlines it. How gauche! How utterly unscientific! One is supposed to allow the reader the option of missing the whole point—an option which reputable scholars exercise frequently, if not continually.
His ability to explain uncountable profound economic insights with such clarity is why I have his photo hanging in my office.