Economics is the best attempt to understand the economy we have. When it is normative, academic economics is generally aimed at maximizing the common good. Th

Economics is the best attempt to understand the economy we have. When it is normative, academic economics is generally aimed at maximizing the common good. The IMF uses the best available knowledge to combat global poverty, although it is not completely immune to academic fads and politics. Austerity might be good or bad policy, but sometimes it is a necessary response to a fiscal crisis.