I’ve long questioned the value of economics as a profession. Most economists focus on the quantitative rather than the lived. They are also consistently unable to explain or predict economic movements. I think the former may lead to the latter. Indeed, in this piece in the Boston Review, the author examines professional economists’ opposition to Thomas Piketty’s focus on inequality:
But perhaps the greatest rebuke of Piketty to be found among academic economics is not contained in any of these overt or veiled attacks on his scholarship and interpretation, but rather in the deafening silence that greets it, as well as inequality in general, in broad swathes of the field—even to this day. You can search through the websites of several leading economics departments or the official lists of working papers curated by federal agencies and not come across a single publication that has any obvious or even secondary bearing on the themes raised by Capital in the Twenty-First Century, even in order to oppose them. It is as though the central facts, controversies, and policy proposals that have consumed our public debate about the economy for three years are of little-to-no importance to the people who are paid and tenured to conduct a lifetime’s research into how the economy works.
Read the full article at The Boston Review.