The decline of economics — Chris Dillow

The title should be "The Decline of Economics in Policymaking and the Narrative."

Edward Luce writes:

Bill Clinton’s 1992 campaign watch phrase was “it’s the economy, stupid”. Today it would be “it’s the culture, idiot”.

He’s right, but this poses the question: why did this change? The question of, course, applies to the UK as well as the US.

One fact deepens the puzzle. It’s that trend growth in GDP per capita has halved since the 90s*. This should have made economic issues more important, because it’s much less obvious now that the economy can thrive without policy intervention.

Why the change? The usual reason. Follow the money and power. Cui bono?

Although he doesn't mention it specifically, once neoliberalism (Thatcherism) was established, the emphasis shifted to distraction ("dupe the rubes") to maintain it.  

Stumbling and Mumbling
The decline of economics
Chris Dillow | Investors Chronicle
https://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2021/11/the-decline-of-economics.html

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Contra William Nordhaus. "It's the assumptions, stupid."

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