michael perelman wrote: > The reputation of economics rises and falls with the business cycle. In > the late 19th century, when capitalism faced what was then called the Great > Depression, the world held economists in very low regard.
This is not completely true. There is also a counter-cyclical element to the demand for economists' services. For example, the current crisis has induced the Obama administration to hire a lot more economists. On a personal level, I'm being asked more questions about the economy and invited to do public speaking more. The cyclical component of the demand for economists' services refers to the services that economists provide that are generally seen as useless for dealing with current problems. This kind of stuff (abstract theory, rantings about how we shouldn't do anything about the crisis, ideological screeds, etc.) is generally seen as a luxury, to be dropped like a hot potato when the economy tanks. On the other hand, the demand for economics that's perceived as useful for dealing with current problems (or at least understanding them) rises in a crisis. This in turn can evoke a supply. During the 1930s, there were all sorts of contributions by "cranks," suggesting ways to get the economy moving again -- because people wanted them. Eventually, the economics establishment provided a new supply (Keynes and the Keynesians). -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
