Hayek suggests that economic reasoning is likely to lead to conclusions in conflict with universal human instincts and simplistic visions of a happy society. Indeed, we see in this address from 1944 the kernel of ideas that Hayek developed over the subsequent four decades, ideas about the tension between the values of traditional society and the desirable rules for modern society. Hayek (p. 47) cautions his young-economist auditors that in economics "the ruthless pursuit of an argument will lead you almost certainly into isolation and unpopularity." The economist "must not look for public approval or sympathy for his efforts." Hutt's counsel is equally dispiriting. He says that the libertarian-oriented economist must "be aware of a periodic recurrence of a sense of utter helplessness": On all sides he thinks he sees the survival of ignorance and confusion of thought on matters which affect human welfare; and he feels that nothing that it is within his power to do or say can have the slightest effect in checking the accumulation of wrong ideas and false policies which they bring forth. He recognizes that in spheres in which policy and ...action can be influenced, he is doomed to virtual dumbness to-day. He does not attempt the impossible. He seldom protests, for experience and history have taught him that protests are without avail and merely damaging to his reputation. He realizes that persistent opposition to the popular illusions of his time will simply bring him the notoriety of a crank . . . (Hutt, p. 34). Yup. The sense of frustration and despair is greatest for those economists who take part in public discourse. One of Hutt's section headings reads: "It is as a critic of actual affairs that the economist is most aware of his ineffectiveness." Although statist thinking has, in recent decades, not continued to advance the way it did when Hutt wrote, and although Milton Friedman has had no apparent difficulty in remaining cheerful in his conversation with the public, the fundamental problems described by Hutt and Hayek remain highly pertinent to libertarian economists today Klein in aug 2000.end paragraph...Economists ought to think harder about the economics of Economics. Mmm,should reporters think harder about the reporting of reporting? Daniel B. Klein (dklein@scu.edu) is associate professor of economics at Santa Clara University. He is editor of What Do Economists Contribute?, recently published by New York University Press and the Cato Institute. From Economists' Misplaced Faith in an Invisible Hand (reporter declan keeps faith with own hand.) He has written for such "Everyman" policy organizations as Brookings, Cato, Reason, Institute of Economic Affairs, Independent Institute, and the Foundation for Economic Education. His email address is dklein@scu.edu.About Santa Clara Santa Clara University is a private, Jesuit university. Many valley residents will never forget the catastrophic flooding which ravaged parts of Santa Clara County during the El Nino storms of the early 1980s. The severity of the damage encouraged voters to pass a 1986 ballot measure creating a flood benefit assessment to fund an accelerated flood protection construction program. Since then the district has worked diligently toward achieving the maximum amount of flood protection for valley residents its budget would allow. The average homeowner in Santa Clara County is assessed between $17 and $59 a year, and the average business between $139 and $474 a year. In addition to those funds, during the past 20 years the water district has successfully pursued and secured more than $200 million in state and federal money for local flood protection efforts. As a result, flood protection projects have removed the danger of flooding from thousands of homes and businesses However, a revenue shortfall of nearly 40% remains an obstacle to full implementation of these crucial programs. The board is soliciting input from the public on support for future funding mechanisms to ensure seamless program implementation in 2001. Hopefully the next flood will take all jesuit academics,libertarians,anarcho-crapitalists and phoney reporters far,far out to shark infested and stormy seas.