Posted by: rbbadger | June 30, 2010

The arrogance of the Fed

One thing often encountered in academia, and it doesn’t matter which particular economic discipline we’re examining, is arrogance.  Dr. Kartik Athreya of the Federal Reserve wrote a paper excoriating all those who blog on economic matters, but who lack Ph.D.’s in it, as “chronically stupid” and “a threat to public order”. 

Ambrose Evans-Pritchard, who does not have a Ph.D. in economics, reminds us of the many things which Ph.D.-bearing individuals in economics did to bring us this current point.  You may read his article here.

“Economics should never be treated as a science. Its claims are not falsifiable, which is why economists can disagree so violently among themselves: a rarer spectacle in science, where disputes are usually resolved one way or another by hard data.

It is a branch of anthropology and psychology, a moral discipline if you like. Anybody who loses sight of this is a public nuisance, starting with Dr Athreya.”


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