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I think there is another dynamics at play here which is selection. I don't think Economists are liars. They're just not essential to the market. Let me explain
by AntiImperialist 6y ago
I think there is another dynamics at play here which is selection. I don't think Economists are liars. They're just not essential to the market. Let me explain that first and we can move on to what I'm getting at:
Economists deal with "second order problems" i.e. whatever insights they come up with, regardless of how true or untrue it is, is absorbed by the market and quickly tested to be correct and adopted, which is then countered, which makes it ineffective... or tested to be wrong and discarded. They're basically solving problems which don't need solving and they're a net disadvantage to the market because the only effect they have is the effort put into testing their ideas.
Since they are, at best, non-essential and whatever they say doesn't matter at all, they have the luxury of saying a wide range of things. Among the wide range of things they say, the ones that are selected are those that favor certain crowds.