[nmh]

"We have lost our optimism that the tools of economics can be used to manage the economy," Mr. Levitt said, "and we have moved to a much more micro view of the world. We can tell you whether labor unions raise productivity or stifle innovation or raise wages, but we are reluctant to judge whether the tradeoffs are good or bad."

yes, yes ... everything is relative. No proper judgement calls - that would spoil this LIBERALtarian utopia that will never be.

[WOSG]

"We have lost our optimism that the tools of economics can be used to manage the economy,"

GOOD! It was the misplaced 'optimism' of social engineers that created socialist hell-holes in the first place.

Free enterprise is the best way to prosperity.

[Toddsterpatriot]

We can tell you whether labor unions raise productivity or stifle innovation or raise wages, but we are reluctant to judge whether the tradeoffs are good or bad."

labor unions raise productivity No
stifle innovation Yes
raise wages Temporarily
but we are reluctant to judge whether the tradeoffs are good or bad

You don't need to be a U of C professor to see the tradeoffs are bad.

[kevkrom]

No proper judgement calls - that would spoil this LIBERALtarian utopia that will never be.

Actually, this is a good trend... just provide the facts, and let people make their own judgements based on them, rather than coming up with grand theories to match the facts (or, what happens more often, come up with facts that match the theories).