In its long search for the illusion of equilibrium economics has had to barter away one aspect of reality after another. Driven by its desire to unearth laws that explain the presence of that illusion economists have long ago lost contact with the grittiness of actual economies. They prefer the pristine and simplified sanctuary of [more…]
Ha-Joon Chang nails it.
But I wish he hadn't.
You see, I agree with his analysis of the inverse nature of status within the economics profession. As a useful general rule the more notable you are within the profession the less you know about the economy. This is a result of the perverse nature of [more…]
One of my ongoing sources of frustration is the amount of effort elitist folk put into lecturing the rest of us about why we ordinary people are wrong. When you spend the time to unpack the lecture, and the source of our error, you most often end up with something that is a sad mix of [more…]
Beware of the possible snark in the following:
One of the possibilities you face when you commit to writing about something is that you get called names. Sometimes you are called wrong. And sometimes when you are called wrong, you are indeed wrong. Such is life. We learn.
This is not one of those times.
Because I am right.
I want to point you to an article in Salon about how academic recruitment is horribly skewed. It confirms what most of you know: academic America suffers from the same stultifying class system as the nation at large.
The academic economics profession, of course, is well known for the iron grip a few universities have [more…]