“When the facts change, I change my mind. What do you do, sir?”
– John Maynard Keynes
“I hate to be wrong. But I hate more to stay wrong.”
– Paul A. Samuelson (quoted in The Maxims of Wall Street, Page 30)
One of the most difficult things to do in life is to change one’s mind, especially as we get older.
But it does happen occasionally. Benjamin Franklin was 70 years old when he went from a lifelong British loyalist to a rebel in the American cause for independence.
I was reminded of this when I attended a conference in Council Bluffs, Iowa (near Omaha, Nebraska, home of Warren Buffett) over the weekend.
One of the speakers had written a biography of Ezra Taft Benson, the former secretary of agriculture under President Dwight D. Eisenhower who later became the president of the Mormon church. Benson was a devoted defender of the Constitution and free-market capitalism, while the biographer was a social democrat who was quite critical of Secretary Benson in his book. He had a hard time saying anything good about Benson.
I suspect he suffers from what historians call “confirmation bias,” identifying only those stories and events that confirm one’s predetermined belief.
For example, the author left out the remarkable and inspiring story of the time Secretary Benson was on an agricultural tour of the Soviet Union in 1959 and frequently requested a visit to the Central Baptist Church in Moscow – one of only two Protestant churches still operating there at the time. Finally, on the last day, he and his entourage were allowed to visit. It turned out to be the highlight of the trip and highly emotional for everyone who witnessed the experience, including a number of reporters. (Read the story here.)
I don’t know if this moving account would change the author’s attitude toward Benson, but it’s an important reminder to be objective and look at both the pros and the cons before making up your mind.
As Solomon wrote in Proverbs 18:13, “He that answereth a matter before he heareth it, it is folly and shame unto him.”
Changing My Mind About Martin Luther King Jr.
I can give two examples in my own life of times when I read or heard very biased reports on public figures and then changed my mind after seeing the big picture.
One is Martin Luther King Jr. I originally read and was taught that Martin Luther King Jr. was not someone to admire. I was taught that he was a communist sympathizer, generated hatred between races, was a womanizer and an adulterer, and was a critic of free-market capitalism. For years, I joined others in ignoring his national holiday in January.
Then I read a biography of his life and his policy of nonviolence, watched his “I Have a Dream” speech, read his “Letter from a Birmingham Jail,” and watched his final speech before he was killed. I came to recognize his greatness and now honor Martin Luther King Jr. Day.
Much of what I was taught about his socialistic views and womanizing was true, but I believe the positive contributions he made overshadow his mistakes.
At FreedomFest in 2023 in Memphis, Tennessee, where King was assassinated, we had a Martin Luther King Jr. impersonator appear and give the “I’ve Been to the Mountaintop” speech in his honor. It was one of the most moving speeches I’ve heard at FreedomFest.
Changing My Mind About Adam Smith
The second well-known figure I changed my mind about is Adam Smith, considered the father of modern economics.
When I started writing my book The Making of Modern Economics, I was under the influence of Murray Rothbard, the libertarian economist who wrote a scathing attack on Smith in his own history of economics (which I had commissioned and paid a large advance for!). He summarized Adam Smith by saying, “He originated nothing that was true, and… whatever he originated was wrong.”
As a result, my own chapter on Smith was extremely negative. After writing it, I took it with me to Utah to get my Uncle Cleon’s opinion of the chapter. Even though he was not an economist, I respected him as a wise man.
He immediately put his arm around me and said, “Mark, the Adam Smith doctrine of the invisible hand is inspired of God.”
I was taken aback and wondered who was right – my mentor, economist Murray Rothbard, or my wise old Uncle Cleon.
I began to question how I was going to resolve this issue. I ultimately opted to read Adam Smith’s gigantic book The Wealth of Nations cover to cover and decide for myself.
When I was finished (two months later!), the answer was perfectly clear: Murray Rothbard was wrong, and my Uncle Cleon was right!
I tore up my chapter and rewrote it into the version that appears in my book today. It totally changed the makeup of the book, and now The Making of Modern Economics is a powerful story, with a hero (Adam Smith and his system of natural liberty), a compelling plot with enemies and friends, and a good ending. (I tell the entire story here.)
I’ve received numerous accolades about my history. Here are a few quotes:
- “A story rarely told… [It’s] unputdownable!” – Mark Blaug, author of Economic Theory in Retrospect
- “One of the most original books ever published in economics.” – Richard Swedberg, author of Schumpeter: A Biography
- “All histories of economics are BS – Before Skousen! Live and accurate, a sure bestseller.” – Milton Friedman
- “Mark’s book is fun to read on every page. I have read it three times. I love this book and have recommended it to dozens of my friends.” – John Mackey (former CEO of Whole Foods Market)
- “Mark Skousen is a great economist, great entrepreneur and great friend. His book brings history to life, with concise and incisive sketches of flesh and blood individuals. Read it!” – Steve Forbes
If you would like a copy at a nice discount, click here. I autograph each copy and mail it at no extra charge inside the U.S.
Keeping an Open Mind
In both cases above, I tried to have an open mind when doing my own research… and the results were favorable.
My point here is to suggest that good historians should be open-minded and only after they do their research should they decide what their tone will be. If the subject of their research is ultimately a great person who has flaws, that’s the way to write it: a great person despite their flaws. If the subject turns out to be a bad person, the historian should say that too.
But this lesson isn’t just for historians. It applies to all of us whenever we size up a public figure, a colleague, a neighbor, or even an idea. Before you make a final decision, keep an open mind, do your own research, and look at both the pros and the cons. Then weigh the evidence and decide for yourself.