@Machiavellecon People grouse about Twitter, and I often wonder "What about the good stuff, which wouldn't have happened otherwise?" Today was a great example, thx to you in large part, but also to others. Mostly, I can dodge crap and benefit from good stuff, e.g., today. 1/n

Tonight, I know significantly more about my intellectual hero Michael Polanyi than I did when I woke up. My new learning is not surprising; I am not "shaken", on the contrary. I am informed, esp about the crucial Q of "taste in problems," and how great Polanyi was in that. 2/n

The Q Polanyi addressed in his 1937 lecture has been on my mind recently .There is a puzzle about why the econ discipline has NOT improved the policy discussion in a way commensurate with its own considerable progress. Tired slogans recur & even dominate the scene. Why? 3/n

It's a tough Q. Polanyi (1937) proposed "Because democratic electorates don't understand the economy they live in, and won't until elites take seriously the task of explaining it." He said, "So explain it," and gave it his try as an amateur, which was pretty damn good. 4/n

As MP intimated in that lecture,"understanding" by itself could be a quasi-revolutionary force. I think that is true,& he underestimated it. As he suggested, the power of the "interests" would soon fade if challenged by real & widespread understanding. But, they know that! 5/n

That is the perhaps the answer to the Q of why wide under'stdg does not exist. "Economics" as taught in many a public school by govt decree, gives zero weight to community interests & precludes even discussion of basic issues, such as "Are we all in this together, or Not? 6/n

Though not looking for a "gig" at my adv age, I make this offer: Give me 5 hours in 10 half hour segments and I will deliver on Polanyi's suggestion that we (economists) explain the system to the public. But I won't pussy-foot around the basic power and value issues, 7/n

That, of course, relieves me from the burden of my promise. Nobody will fund that, not even PBS, where Paul Salomon has evolved into a valuable voice, but is silent on the fundamentals. (Whew, it would have meant a lot of work.) 8/n

As I said, it has been a great day for me in terms of learning from Twitter, and this is one of 2 good conversations I have been in today. Thx to all participants; keep tweeting; maybe think more first, but tweet anyway (as I do). @StephanieKelton 9/fin