A while back I wrote about how I thought Economics was a discredited discipline.  Economists have not only failed totally and utterly to predict the global economic crisis and to explain what has happened, but no attempt is made to understand it and where they went wrong. Furthermore no attempt is made to even admit they don’t know what is going on and adapt their ideas.

If an engineering disaster occurs – a train crash or bridge collapse, the engineering profession has clear procedures to attempt to explain it, and if they can’t, there are equally clear procedures to investigate and make recommendations for improvement. These recommendations can be quite damning.

I see nothing of this in economics. I see no economist appearing on the media saying “apologies, but we don’t really understand the situation, we are in unchartered territory”. No “lets attempt to improve and discover more”. How can one expect to improve if that is the case? The arrogance of economics seems to be beyond words.

Stephanie Flanders – BBC Economics editor – wrote a piece recently here which just about sums it up. I especially like her phrase:

” Somehow, somewhere, large parts of the profession seem to have lost their way – or at least lost their connection to the world as it is. ”

I’m glad I was never daft enough to study economics.

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