Economists attract ridicule and resentment in equal measure. People mock them, in the same way they poke fun at all eggheads and number-crunchers. But for everyone who scoffs, there is someone (perhaps the same person) who secretly fears that economists are the unacknowledged legislators of the world, purveyors of dangerous ideas that are filling the heads and turning the minds of the political leaders who claim to be in charge. If only. Protectionism, populism and paternalism still hold great sway over human affairs, their appeal seemingly impervious to centuries of economic logic. The Economist was founded in 1843 in opposition to an infamous piece of protectionist folly, Britain’s Corn Laws, which propped up the price of wheat to the great benefit of landlords and the severe detriment of anyone trying to buy a loaf of bread. [download]
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