Nobel economists were dead wrong on inflation: Don t expect an apology | The Hill

Don t expect a mea culpa from Stiglitz or his coauthors any time soon. Being an economist confers a magical identity that few other occupations enjoy. Economists know this and work to maintain it. They can be wrong, really wrong, and never pay a price. Indeed, while their pronouncements can lead to horrible policies that cause real people to lose real money betting on the wrong future, hardly anyone ever calls them out. They have a kind of intellectual immunity conferred by others who seem to think of economists as brainiacs of a different order. After all, no other academic discipline has an equivalent of the Council of Economic Advisors advising the president. 

via thehill.com

The CEA! In the news! I worked at the CEA once! And a great year it was as well. Much more fun than working at the law firm, that’s for sure. From what I could see, the macro side was mostly baloney, but what do I know. On the micro side, however, we mostly opposed stupid regulation, which as far as I could see, there was an infinite supply of. Great days.