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This seems to be a current fashion. There is an article in the latest NYRB, reviewing Madrick's book.
Jeff Madrick, an economics journalist of some accomplishment and considerable intelligence, shares his views on what's wrong with economics in this engaging book. But methinks the gentleman doth protest too much.
Later in the article, on Say's Law
Madrick's second bad idea, Say's Law, can be treated more briefly, because it really is bad. However, it was mostly discarded more that seventy-five years ago...

[...]

while it's not hard to find austerians among conservative government officials [Hollande?] and their advisers, both in the uS and Europe, and even among a few conservative economists, it is hard to find many among mainstream economists.

Conclusion (not stated) is that economists are irrelevant....
by gk (gk (gk quattro due due sette @gmail.com)) on Tue Dec 30th, 2014 at 01:39:30 PM EST
Indeed - but I feel that lets economists off too lightly.

If they are indeed irrelevant, why is that so? What are they doing about it?

They are basically trying to have their cake and eat, pronouncing on everything when it suits them and yet pedalling back to "pure research" with no responsibility for policy whenever they are questioned.

by Metatone (metatone [a|t] gmail (dot) com) on Tue Dec 30th, 2014 at 02:18:20 PM EST
[ Parent ]
European Tribune - So economics teaching isn't the problem?
I reckon nobody's reading at this point

Of course, nobody's in the least interested. It's so obvious that economists are good-faith scientifically-minded chaps who have no real influence on what is happening. So if it's a first-class fuck-up you know it's not the economists to blame. Don't you?

gk:

it's not hard to find austerians among conservative government officials [Hollande?] and their advisers, both in the uS and Europe, and even among a few conservative economists, it is hard to find many among mainstream economists

Right, most mainstream economists have spoken out loud and clear against austerity. We have all noticed, haven't we?

There's a word for what we're seeing in both quotes: denial. Will they soon move on to anger?

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Dec 30th, 2014 at 03:15:01 PM EST
[ Parent ]
But they will never move on to guilt.
by rifek on Mon Jan 12th, 2015 at 12:34:34 AM EST
[ Parent ]
Bait-and-switch, schizophrenia, call it what you will but economists are far from 'irrelevant'. Is there any realm of the world where economists have not added their two cents? They like to view themselves as universal scientists (freakonomics and further bullshit). But if it comes to the actual issues of economics there will be no accountability. When things go south they like to portray themselves as toilers in a 'dismal science'. It's all a work in progress you know! Indeed.

Since we stopped listening to traditional moral authorities, value judgements have been turned over to market judgements. Likewise, the clergy have relinquished their role to the economists who are now postmodern priests explaining the alpha and omega of the world to the huddled masses. In the political sphere quite often they are believed to have the powers of prophecy while being wrong all the time. It's only a question of time (which might take a while) until they are driven out but then the shit will really have hit the fan and who is going to replace them?

Schengen is toast!

by epochepoque on Tue Dec 30th, 2014 at 07:57:27 PM EST
[ Parent ]

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