“You could make a good case for requiring only the core and a dissertation [and eliminated all other economics courses, e.g. economic history, history of econ thought, behavioral economics, etc.]. Getting a PhD in economics is about acquiring some basic tools, then learning to do research, which then directs what you read.”
Richard . . . → Read More: More Shop Talk Among the Idiot Savants
“You do see a lot of complaints from economists about economists [with a bachelors in math or physics, but] without bachelors in econ, not understanding intuitively much of the field.”
Serlin is a professor of finance at the U. of Arizona.
Richard Serlin illustrates the typically pencil thin economic understanding of today’s standard issue professor of economics with an example:
I remember talking to a nationally respected econometrician on a very basic IO issue, Microsoft’s anti-trust case, and him showing not even elementary understanding.
Larry Summers at Bretton Woods:
“I have always been an empiricist, so I will be happy to say that if Britain enjoys a boom over the next two years coming from increased confidence, I will be required to quite radically rethink my view of how the macroeconomy operates, and to be quite contrite about the . . . → Read More: LARRY SUMMERS BIG BET AGAINST BRITAIN
I think we need to retire Deidre McCloskey’s shopworn — and fallacious — rejoinder to her fellow economists: “If you are so smart, why aren’t you rich?”
Plenty of people with knowledge of economics have become rich — and plenty became very well off directly due to their understanding of the recent economic pathologies, pathologies . . . → Read More: “If you “rocket science” math economists are so smart, why is the country in a depression?”
Christopher Swann in Forbes:
Far from celebrating those who have ‘conferred the greatest benefit on mankind’ as Alfred Nobel intended, the economics prize has done more harm than good.
The prize has fostered a faith in economists that is often misplaced. Friedrich Hayek, who won in 1974, said he would have advised against creating the . . . → Read More: Forbes: Set Dynamite to the Nobel Prize in Economics
All you need to know about the economic profession:
I immersed myself in the literature for a few of months so that I could more precisely fit our contribution into the existing literature. We managed to reduce the equations in the paper to six. At this stage the paper was perfectly clear and was written . . . → Read More: Why Tautological Math Is Privileged Over Hayekian Causal Explanation in Economic “Science”
Here is Greg Mankiw’s list. Here is Arnold Kling’s list. And here is my list:
The Rise of the Western World by Douglass North & Robert Paul Thomas Looking Backward by Edward Bellamy The Ascent of Money Niall Ferguson Discovery, Capitalism and Distributive Justice by Israel Kirzner A Farewell to Alms by Gregory Clark Dream . . . → Read More: 10 Books For A Freshman Seminar In Economics
Hayekian economists provide the short answer here and here.
And the science of psychology is helping us understand how and why this has happened:
“Academics, like teenagers, sometimes don’t have any sense regarding the degree to which they are conformists.”
So says Thomas Bouchard, the Minnesota psychologist known for his study of twins raised apart, in a retirement interview with Constance Holden in the . . . → Read More: The Economics Profession Is Trapped In A Cul De Sac Of Fake Science
Mario Rizzo takes you inside the pseudo-scientific mind of the contemporary academic “economist”. No wonder the economics profession is widely perceived to be as culpable in the current economic debacle as Congress, Wall Street, and the Federal Reserve, and just as much a failed institution as Lehman Bros., GM, Countrywide, the rating agencies, Freddie and . . . → Read More: economics: The Tyranny of Fake Science