Economists and honesty

Can economists be trusted to tell the truth?  If they can,  why can’t they see the same truths as I see?

These questions are prompted by this article about a very small experiment which suggests that economics and business students are more dishonest than students in humanities, sciences and other fields.

The study was based on a very small sample but still it is tempting to believe there may be some truth in it.

Economists tend not to see things that at least to me are very obvious.  For example, that economic growth has come to an end.  In light of the evidence it must take a lot of faith to predict that recovery is just around the corner although lately the time frame seems to be increasing to a year or two.  There’s a song which tells us that tomorrow is just a day away and a saying that tells us tomorrow never comes.

Are economists lying or are they deceiving themselves?  Or am I the one committing self-deception?

One has to note that most of us have to support the views and interests of our employers.

I have for a long time figured the role of economists is not to solve economic problems but to give legitimacy to economic activity which consumes scarce resources and sometimes trods over other people’s lives and values.  Economists were the theologians of the twentieth century.

In any case economists don’t have a great record for accuracy or for proposing viable solutions to economic problems.

 

If you liked this post your are invited to comment, press the like button and/or click  one of the share buttons. If you disagree you are invited to say why in a comment.  While I like the idea of sharing this platform, my personality is such that I don’t reply to many comments.

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One Response

  1. I agree with you. I think that economists tend to be like weatherman only with worse forecasting instruments. The problem with economists is that they give politicans a excuses to follow their own agendas when the best thing to do is probably just leave things alone and let the markets fix themselves.

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