We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck. But, there is no mechanism forcing it to alter its models when they don’t appear to work. This is so because economists basically write for each other in a language only they understand and their jobs depend on impressing a limited number of journal editors and referees, not correcting real-world problems. The academic inbreeding that has resulted has led to dysfunctional theories and, despite the fact that there were economists who accurately forecast the Financial Crisis, because their work is incompatible with what is published in “good” journals it has been all but ignored. Economics is broken and there is no internal incentive to fix it.…Evonomics
Why You Should Blame The Economics Discipline For Today’s Problems
John T. Harvey | Professor of Economics, Texas Christian University
Great article.
ReplyDeleteGood rant. I don't know how the tenure system works, but purging people who publish most often in the highest rated Orthodox journals might be a good strategy. Prioritize the most prolific authors as most dangerous and destructive to society, make examples of a few any many more may chose to retire voluntarily or find new careers.
ReplyDeleteNot what Harvey wanted us to think about...