Leamer on Tom Friedman

Ed Leamer has a highly entertaining review--too funny really to have been published in an mainline economic journal--of Tom Friedman's best-seller The World is Flat in the March issue of the Journal of Economic Literature. Among other nuggets, this:

We economists do linguistic disservice whe we call a relationship-free, frictionless outcome "perfectly competitive." ... Frictions are our friends. Frictions give us the peace of mind that we will still have our jobs when we wake up tomorrow. Frictions reduce the chances that one party will try to "hold-up" the other, absconding with the lion's share of the mutual benefits. Frictions thus give us the confidence to make relationship-specific investments from which great returns can flow. It's the friction that we call "falling in love" that allows the human species to flourish.

Great stuff! But don't try writing like this before you get tenure...

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Wow - these are my thoughts exactly. I am busy right now putting math to them. But I guess they won't see the light of day for a while - alas I won't be up for tenure for 5 and half years.

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