Thomas Sargent, for Econ. A quote from the post:
In a 2007 graduation speech to economics undergraduates at the University of California, Berkeley, Professor Sargent offered “a short list of valuable lessons that our beautiful subject teaches,” among them,“Many things that are desirable are not feasible,” and, “Everyone responds to incentives, including people you want to help. That is why social safety nets don’t always end up working as intended.”
Read the whole thing.