David F. Ruccio — Superiority of economists?

Why is it that the same group of economists who got us into this mess in the first place—who produced the models and suggested the policies that created the conditions for the crises that broke out in 2007-08—still remain on top, as if those crises had never occurred? Why is it, in addition, that the teaching of economics—centered as it is on the mainstream theories that contained not even a hint that severe and far-reaching crises might break out, and had little to suggest by way of solutions when they did—has barely changed in the intervening years? 

In order to answer those questions, we need to understand the superiority of mainstream economists as the result of an inside job—not only inside the discipline but also inside the current “winner-take-all” economic and social system they are so effective in celebrating and serving.

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Superiority of economists?
David F. Ruccio | Professor of Economics University of Notre Dame Notre Dame