Economists Explained

From Dean Baker:

If we ask why economists would believe something about the world that seems to fly in the face of evidence, my answer would be that it is the easiest path for them. The vast majority of economists have no interest in upsetting the apple cart. They wanted to be economists because it is a relatively well-paying and prestigious profession. The way you move ahead in the profession is you repeat what the people who are more prominent than you are saying. This carries no risk. If they are right you can share in the glory. If they end up being wrong, then you have the “who could have known?” excuse.

In terms of the leading lights of the profession, they have no reason to change what they are saying because no one is ever going to cause them to lose their job or even their standing because they are wrong. How many people even missed a promotion because they failed to recognize the largest economic crisis since the Great Depression? Since the status quo position in the profession fits in well with most powerful interest groups, and everyone has been in the habit of repeating the same lines, there is little real pressure for change.

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Comments

  • solutions777  On November 14, 2011 at 9:09 am

    A degree in economics, any degree, is a sign that the degree holder wants to be a con man. He wants to cheat people out of their money. Anyone who hires these individuals is a mark who has been taken.

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