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View Diary: Open thread for night owls: Another bad choice for an economic advisor. What else is new? (133 comments)

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    ANYONE who publicly acknowledges how grievously the economics profession has gone off the rails during the past 30 years?

    There seem to be precious few economists with established reputations willing to do so. Krugman has and I believe DeLong has. But most seem not to care how much their belief systems are contradicted by reality; they fully intend to see out the remainder of their careers spouting the same dogma regardless of how little it corresponds to reality. And it seems they are going to be allowed to do that. We may have to wait for them to die off and hope that somewhere along the way the universities will change what they are teaching.

    I understand there are younger economists coming up with new ways of thinking, and we ought to be hearing their ideas more, considering the pitiful job the profession has done. In the news media, in the finance industry and in the administration, the same people who should be discredited by now are still treated as authoritative. It's a joke. But not a funny one.

    We decided to move the center farther to the right by starting the whole debate from a far-right position to begin with. - Former House Majority Leader Tom DeLay

    by denise b on Thu Apr 19, 2012 at 07:58:01 PM PDT

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