Economists agree about economics - and that's a science - and
Economists agree about economics - and that's a science - and they disagree about economic policy because that's a value judgment... I've had profound disagreements on policy with the famous Milton Friedman. But, on economics, we agree.
Host: The rain had stopped, but the city still glistened under the dim neon signs of a half-sleeping street. A quiet bar on the corner — its windows fogged, its air heavy with the scent of whiskey and rainwater — held two late souls in the kind of conversation that stretches long after midnight.
Jack sat by the window, his sleeves rolled, his tie loosened, a half-empty glass of bourbon beside him. Jeeny leaned across the table, a notebook open, her pen tapping idly against the rim. The citylight flickered across their faces — half illumination, half shadow — as though even the light wasn’t sure which side to take.
Jack: “Modigliani said it best — economists agree about economics, because it’s science. But they disagree about policy, because that’s a matter of values. The math is clean, Jeeny. The morality isn’t.”
Jeeny: “Then maybe that’s the problem, Jack. You think the world can be split like that — clean lines between fact and feeling. But the moment your equations touch people’s lives, it stops being science and starts being judgment.”
Host: Jack’s eyes, grey and reflective as steel, caught the street’s glow through the window. He swirled his glass, the liquid turning like slow gold.
Jack: “No, it’s not judgment. It’s precision. When Friedman and Modigliani argued about policy, they weren’t questioning economics — they were questioning what people wanted from it. One believes in liberty through the market; the other in fairness through control. Same science. Different souls.”
Jeeny: “And yet it’s the soul that decides the outcome. You call it liberty, someone else calls it greed. You call it control, someone else calls it care. Policy isn’t about choosing what works — it’s about choosing what matters.”
Host: The bar was nearly empty. A lone bartender polished glasses, the faint clink echoing like punctuation between their words. A street musician outside strummed a slow, melancholy tune, the kind that reminded one of rain even when the rain had ended.
Jack: “Values don’t pay the bills, Jeeny. You can have compassion, but if your economy collapses, compassion won’t buy bread. You think policy should follow ideals — I think it should follow outcomes.”
Jeeny: “Outcomes for whom, Jack? The shareholder or the child? The banker or the builder? You talk as if the economy is separate from life, but it’s life itself — the way people eat, sleep, survive. If you build policy only for numbers, you end up serving ghosts instead of humans.”
Host: Her voice softened, but the words carried a hard edge. The rain outside began again — slow, rhythmic — tapping against the window like measured applause for every truth spoken and every lie exposed.
Jack: “You sound like you’d run the world on empathy. That’s noble, but naïve. Policies can’t afford empathy. They need consistency, predictability. Look what happened when Greece ignored economic logic for populism — the whole system imploded. The market doesn’t care about intentions.”
Jeeny: “And yet, Jack, people aren’t markets. Greece fell because numbers replaced people. When austerity came, hospitals ran out of supplies, families lost homes — but the GDP looked tidy. That’s your logic’s victory — clean on paper, hollow in the streets.”
Host: Jack leaned back, his expression unreadable. The music outside changed — a softer chord, almost hopeful.
Jack: “So what, Jeeny? You want to make economics emotional? You can’t legislate kindness. You can’t model fairness. You can only measure cause and effect.”
Jeeny: “And yet you measure everything except the one thing that matters — meaning. Policies shape meaning, Jack. They tell a society what it values. When Friedman said freedom is the goal, and Modigliani said equality is, they weren’t disagreeing about economics. They were disagreeing about what it means to be human.”
Host: A flash of lightning lit the bar for a moment — stark, white, unforgiving. It caught Jack’s profile, sharp and still, his jaw clenched.
Jack: “You’re saying every policy is moral philosophy in disguise?”
Jeeny: “Exactly. Because every decision about who gets what — who wins, who loses — is a confession of what we believe is right.”
Host: The silence that followed was not empty, but dense, filled with the weight of her words. Jack stared at his glass, the bourbon’s surface trembling slightly from the vibrations of the rain.
Jack: “You think I don’t know that? I’ve seen it. I’ve seen factories close because of some minister’s ‘moral stance.’ I’ve seen jobs vanish because someone wanted the policy to look virtuous on paper. It’s easy to preach ethics when you’re not counting the bodies of the unemployed.”
Jeeny: “And it’s easy to justify cruelty when you call it efficiency. You think suffering is a statistic — I think it’s the measure of whether a policy works at all. You say economics is science, but every science still needs a conscience.”
Host: The bartender switched off a row of lights, leaving only the one above their table. The glow fell in a circle — intimate, confessional.
Jack: “You know, Modigliani and Friedman weren’t enemies. They respected each other because they knew both sides mattered. Theory without values is empty. Values without theory are dangerous.”
Jeeny: “Then maybe that’s where we meet — between logic and love.”
Jack: “Between precision and purpose.”
Host: The rain eased, becoming a whisper. Outside, the streetlights shimmered in puddles, reflections trembling like the thoughts left unsaid.
Jeeny: “So tell me, Jack — if you had to choose between a policy that grows the economy but deepens inequality, or one that slows growth but heals division… which would you choose?”
Jack: “Depends on whether I’m the economist or the human.”
Jeeny: “And which are you tonight?”
Host: Jack looked up, his eyes meeting hers — grey on brown, logic meeting conscience. The faintest smile tugged at the corner of his mouth.
Jack: “Maybe… both. Maybe that’s the only way it ever works.”
Host: The camera would slowly pull back — the two figures still seated under the last glow of light, the city outside returning to quiet motion. The faint tune of the street musician drifted in — uncertain, searching, alive.
The narration would linger, soft but firm:
“Economics may deal in facts, but policy breathes in faith. Between what we know and what we believe lies the fragile bridge of judgment — built not by numbers, but by the courage to choose.”
The scene would fade, leaving only the sound of rain returning — steady, deliberate, like reason itself learning to listen to the heart.
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