Question

James Buchanan, a Nobel-Prize winning economist, once quipped that an economist was someone who did not believe that whatever was worth doing was worth doing well. How would an economist justify doing something poorly?

Answer 1

An economist was someone who did not believe that whatever was worth doing well.because in economics there is concept of marginal analysis.Economists says that decisions are made at the marging.this decision are based upon incremental changes.hence all the decisions are taken on the basis of marginal benefit not on the basis of total benefits.as we know marginal means changes in total .it also decrease with each unit.

So as much as quantity increase marginal benefit tends to decreases.we do not see total cost or total benefit.we see marginal cost and marginal benefit.marginal cost is increases with each unit.hence an economist would justify by doing that he calculate marginal cost and marginal benefit and then takes conclusion about what is good for an economy.