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Friday, December 31, 2010
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The scandal is not that some economists get paid.
ReplyDeleteThe scandal is not that some economists get paid quite a lot of money.
The scandal is not that economists who get paid a lot of money like to obscure their association with certain institutions that pay them.
The core of the scandal is that (many) economists know very little about the economy and get paid a lot of money to make unfounded claims about the economy, anyway, as a means of impeding public understanding and responsible state action.
A large part of the profession our society assigns the task of understanding political economy has evolved a "body of knowledge" that consists largely of null results and excuses for ignorance.
One can be absolutely certain that the American Economic Association will focus on the purely ceremonial aspects, like ritual disclosure, and ignore the purveying of ignorance, lies and poisonous ideas.