- by Brian Lucey
The story in the Guardian is of a Portuguese chap who convinced everybody, possibly including himself, that he had taught economics in the USA and even worked in the world bank. He debated issues on the economy regularly on Portuguese media, and became a celebrity and celebrated for his easy style and making simple of the complex.
There is of course much glee being rubbed on hands at this – many people consider the whole activity of economics to be applied charlatasim. But it raises a question on the nature of the business.
There is to me no such thing as the profession of an economist. A profession, I suggest, is on that has rules and regulations, standards for entry and exit, a recognized way of doing things. Accounting is one ; so also is nursing, or taxidermy. Economics has none of these. The deficiencies in modern (macro) economics have been well publicized over the last half decade : a read of the blogs of Krugman, Simon Wren Lewis, Mark Thoma, or a host more will show both an evisceration of the abstruseness of much of modern macro modeling and a deep searching of the soul by practitioners of a craft………………………..
- Paul Krugman on the Economy (wnyc.org)
- A brief history of macro: How we got here | The Economist (mgptpt.wordpress.com)
- Is economics divided into warring ideological camps? (noahpinionblog.blogspot.com)