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 created in no small measure by economists working in a bogus Keynesian and “rocket science” framework. Read Michael Lewis’s The Big Short if you doubt me. (And note well — being smart and being right are the smallest elements of making money — developing a reputation and developing contacts and acquiring investors and leverage are far more important — even the most simple-minded economist should understand that.)
So, I think it’s time to kick McCloskey’s bogus bromide to the curb, and replace it with one that is both true and tells the world something worth knowing about the economics profession.
Here’s my suggestion:
“If you “rocket science” math economists are so smart, why is the country in a depression?”