Economics for Economists

Dean Baker:

Just apply economics to economists.

The honchos in the profession (Paul Krugman excepted) said everything was fine. Agreeing with the honchos will never get you in trouble. You will never lose your job or even miss a promotion because you made the same mistake as all the leading lights in the profession.

On the other hand, if you go against the honchos and end up being wrong, well you should be prepared to be sent to oblivion. You are obviously a raving lunatic who has no business being taken seriously as an economist. Even when you end being right against the honchos you can’t count on any great reward, since the honchos so control the profession and the media that "nobody could have seen" will be repeated at least frequently as the fact that some people did see.

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