Jeff Madrick writing in The American Prospect lays out the false narratives in the traditional views of economics and why its major practitioners operate more religion that science. A good read that concludes:
"We need economists who revise their theories based on evidence, but there is little room for reformers—few prestigious universities make space for heterodox thinking.
It is hard to be optimistic about economics. Being an economist has become a career, though not an intellectual profession. Money talks loudly in their academic hallways, and a small-government philosophy still rules the nation, despite the calamities that began in 2008."
"We need economists who revise their theories based on evidence, but there is little room for reformers—few prestigious universities make space for heterodox thinking.
It is hard to be optimistic about economics. Being an economist has become a career, though not an intellectual profession. Money talks loudly in their academic hallways, and a small-government philosophy still rules the nation, despite the calamities that began in 2008."
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