Before I get to Litan’s reasoning, let’s be clear: the failure in economics is not all-inclusive. There were, and are, pockets in which useful stuff takes place that helps us all understand actual economic events, and outline a few cause and effect relationships that give insight into things like our recent crisis. The failure is thus not general. It is specific.
Unfortunately it is specific to the bulk of economics since that bulk is comprised of what we can call orthodox ideas. Moreover it is specific to that part of economics that deals with large scale phenomena. That would include the economy itself. The public perception that economists aren’t very good at economics, where the definition of economics has something to do with actual economies, is close to the mark.…The Radford Free Press
Economists Deserve Respect – Honestly?
Peter Radford
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