US – Economics and Expertise – James K. Galbraith’s Amazing (And Accurate) Slam Against The Economics Profession – 16 January 2013

http://prospect.org/article/how-economists-got-it-wrong

I was just discussing the phenomenon of experts being in denial about having gotten things wrong (as we all do, even experts…the difference is _supposed_ to be that experts go back to the drawing board and re-analyse what they got wrong instead of going into permanent damage control).

The topic reminded me (especially since we call got to talking about economists) of James K. Galbraith’s 2001 blasting of the economics profession…which I think is as relevant today, as economists rationalise insane, economy-killing austerity policies, as it was when Galbraith wrote this, when the stakes were, by current standards, much lower.

It’s a great read. I especially like the part about Paul Krugman, who in 2001 was not, by a long shot, the “crusading liberal” he is taken to be today. (As long as we’re on the subject, I don’t recall Krugman ever saying “You know, I got a few things wrong back in the old days.” I wonder if that will bite us in the ass later?)

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