TAILIEUCHUNG - Who Are These Economists, Anyway?

Note that Keynes does not neglect the element of beauty. But he embeds this point in a much richer tapestry of opportunism, venality, and apologetics. To this day, seduction-by-deduction is known, in some corners of economics at least, as “the Ricardian Vice.” Keynes also wrote: “But although the doctrine itself has remained unquestioned by orthodox economists up to a late date, its signal failure for purposes of scientific prediction has greatly impaired, in the course of time, the prestige of its practitioners. For pro- fessional economists. were apparently unmoved by the lack of correspondence between the results of their theory and the facts of observation;—a discrepancy which the ordinary. | Who Are These Economists Anyway by James K. Galbraith Of course there were exceptions to these trends a few economists challenged the assumption of rational behavior questioned the belief that financial markets can be trusted and pointed to the long history of financial crises that had devastating economic consequences. But they were swimming against the tide unable to make much headway against a pervasive and in retrospect foolish complacency. Paul Krugman New York Times Magazine September 6 2009 Amen. While normal ecclesiastic practice places this word at the end of the prayer on this occasion it seems right to put it up front. In two sentences Professor Paul Krugman Nobel Laureate in Economics for 2008 and in some ways the leading economist of our time has summed up the failure of an entire era in economic thought practice and policy discussion. And yet there is something odd about the role of this short paragraph in an essay of over 6 500 words. It s a throwaway. It leads nowhere. Apart from one other half-sentence and three passing mentions of one person it s the only discussion the one mention in the entire essay of those economists who got it right. They are not named. Their work is not cited. Their story remains untold. Despite having been right on the greatest economic question of a generation they are unpersons in the tale. Krugman s entire essay is about two groups both deeply entrenched at what they believe to be the top of academic economics. Both are deeply preoccupied with their status and with a struggle for influence and for academic power and prestige against the other group. Krugman calls them saltwater and freshwater economists they tend to call themselves new classicals and the new James K. Galbraith holds the LloydM. Bentsen jr. Chair in Government Business Relations at the Lyndon B. Johnson School of Public Affairs The University of Texas at Austin and is a senior scholar at the Levy Economics Institute of Bard College. His most recent book .

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