Lebanon Daily News
Subject: Economists are not so bad
Dear Jerry Shenk,
Your piece on economists reminds me of the attack on Socrates where Athenians voted to have him killed, did so, then killed those who brought forward the motion to have Socrates killed. In the middle, Socrates maintained his dignity but he was killed even though he was correct. Graduating economists from American schools have been a bit like graduates from business schools. To graduate and get a job you become a product of a school and are expected to behave accordingly. Obviously, the schools cater to different markets for economists, and the deletion of political from the word economist has actually fooled few people.
Economists sometimes try it on by being the best of the product of a school of thought, real bad ass exponents. Alternatively, they use obfuscation to create an elite group with a superior way of thinking about economics. A good economist can switch hats to argue for almost any interest group. The best economists are like Krugman who argues against the stream, out of incisive insight that is well beyond the reach of the cream of most graduating classes of economists.
I like Krugman because he has great depth in his economics. He sees the technology, history, financial implications and sociology of economics in the real and monetary worlds better than 99 percent of the graduating classes. He is the Einstein of economic thought and his sociology gives him an accuracy rarely seen in the field. Miles higher than Keynes or Friedman, Krugman reigns as the best economist of this century, the Samuelson of 2014, the re-incorporated Rand Corporation in one person of our century, and undoubtedly worthy of every cent he earns,
Thank you,