… economists go very quiet.
By Simon Jenkins
They’re happy to take the credit in the good times, but the disciples of this false science are hard to find in a recession.
So the Footsie has tumbled again. Forgive me for asking, but where are the economists? As the nation is mired in a recession, an entire profession seems to have vanished over the horizon – like conmen stuffed with cash – leaving thousands destitute. They said recessions were over. They told politicians to leave things to them and all would be fine. Yet they failed to spot the subprime housing crash … and now look at the mess.
When I studied economics we were told we would be masters of the universe. Our noble science had harnessed the verities of math to those of human behavior and would go on to conquer politics. Rampant recession would go the way of hyperinflation. Like leprosy and cholera, they were epidemics that modern science had rid from our shores.