It is not an exaggeration to say the current reputation
of economists is probably just below that of a used car salesman. The recent
failures of economic policies to boost growth or employment have tarnished this
image even more. This, however, is in sharp contrast to the past when
economists were seen as the intellectual roadblock to popular misconceptions,
bad ideas, or more importantly, government policies sold to the public on false
assumptions. Popular slogans such as “protecting American jobs” play on
nationalism, but in reality only serve special interests. The economist of the
past would never have hesitated to highlight the fallacies in such
reasoning.
Most economists today, however, have sold themselves to
the enemy. They work for government agencies such as the IMF, OECD, World Bank,
central banks, or academic institutions where their research is heavily
subsidized by government agencies. To succeed they have to “toe the line.” You
don’t bite the hand that feeds you......To Read More......
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