Yep, economics has a component of being a confidence game. The bigger (although interrelated) problem is that people whose primary objective is transferring more wealth to the rich have had their thumbs on the scales since before I was born. If the uncertainty and overconfidence cut both ways it would be less of a problem, but as it is, they’ve been incredibly successful in exploiting economic uncertainty and fears to lock this system in place. A few groups are starting to fight back on this, my two favorites are INET and Roosevelt.
https://www.ineteconomics.org/
http://rooseveltinstitute.org/
In a way I feel like this piece does a bit of a disservice to your readers by leaving all this out. Economists do know stuff. The big problem is that a lot of them have had structural incentives to obscure those things.
Published on March 08, 2017 10:41