Joseph Ho, a writer for Liberty, tells me that on September 10 he was in Ann Arbor when the University of Michigan was preparing to meet its traditional rival, Notre Dame, on the field of Michigan Stadium. Threading his way through the pre-game crowds on the downtown streets, Joseph was accosted by a small boy, who ran up to him and shouted, “Hail!”
As you may know, Michigan’s fight song begins with the words, “Hail to the victors valiant!” That’s what the little boy was repeating, in his way; and Joe was charmed by his greeting.
But if there is one pleasure more intense than that of being hailed, it is the pleasure of finding someone you want to hail. It is therefore with great pleasure that I hail the publication of a book of essays by Leland Yeager, a distinguished economist and longtime contributor to Liberty. Confronted by Yeager’s additions to learning, the rest of us should feel like small boys. Yet we have something to hail.
Yeager calls his book Is the Market a Test of Truth and Beauty?: Essays in Political Economy. I won’t spoil the pleasure you’ll have in reading it by revealing the answer to the title question. It’s a great question, a fundamental question, and Yeager’s answer will not only inform but entertain you. As for the rest of the book — I couldn’t put it down, literally. I read it in bed, I read it in supermarket lines, I read it while I was supposed to be working. It’s a fascinating book.
Leland Yeager is a professional economist. That’s fine, but only a few professional economists have ever had his skill at developing the principles of their field. Much less have they displayed his breadth of interest in intellectual and historical issues. The 28 essays in this 500-page book have all the world as their subject, from the nature of the various schools of economics to the problems of democracy to the debate about free will to the theories of dear old Henry George to the writing of speculative and alternative histories. Every essay shows a mind that is individual, alert, probing, and knowing; every essay develops both the essential ideas and the curious ramifications of its subject. And every essay is interesting; every essay makes you want to know its author, as well as its subject, more. Fortunately, Yeager gives you 28 occasions for doing that.
Anyone who reads this book will learn the nature, scope, and analytics of libertarian economic theory (and practice, too). So it isn’t just for libertarians. But libertarians will benefit the most from it, because Yeager’s question-making mind constantly brings up new topics for us to consider. They are all vital topics, and Yeager’s rigorous intellect carries us far down the road in thinking about them. You may agree with him — as I ordinarily but not always do (I have debated with him in these pages)— or you may sharply disagree. But you will find him an excellent companion. I don’t need to tell you how seldom that can be said of other economists.
I’ll go farther. In an ideal world, scholars and academics would write nothing but the truth, as they found it, fully displaying their logic and evidence, and courting the most vigorous debate from informed opponents. Unfortunately, the academic world seldom lives up to that ideal. Yeager does, and it takes courage to do so. It takes courage, these days, to write real English, instead of academic jargon or (in Yeager’s field) the kind of analysis that substitutes numbers and formulas for thought. But Yeager always addresses himself to the intelligent person, not the narrow and desiccated specialist, and he treats the intelligent person as his friend in a great intellectual adventure, an adventure in which any thinking person would want to partake.
Here is true achievement. Hail!