by The present state of economics More and more often, confidence in the professional qualifications of individuals representing certain occupational groups which formerly were held in high esteem has started to erode. Dismissing scientific evidence and ignoring expert opinion has become a feature of political discourse around alternative truth. In part this is self-inflicted as various statements that are publicized with the aura of academic certainty do not stand up to closer scrutiny. Alas, this applies particularly to economics, which is often held up as the supreme discipline of social sciences. It suffices to take a look on page one of reasonably respectable printed media to recognize how important economics is in contemporary society. In this
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The present state of economics
More and more often, confidence in the professional qualifications of individuals representing certain occupational groups which formerly were held in high esteem has started to erode. Dismissing scientific evidence and ignoring expert opinion has become a feature of political discourse around alternative truth. In part this is self-inflicted as various statements that are publicized with the aura of academic certainty do not stand up to closer scrutiny. Alas, this applies particularly to economics, which is often held up as the supreme discipline of social sciences. It suffices to take a look on page one of reasonably respectable printed media to recognize how important economics is in contemporary society. In this chapter, we highlight some issues from micro- and macroeconomics that are critical.
Against this background, one should expect that specialists in the field would have thoroughly analysed principles and functioning of modern economics in order to provide solid knowledge concerning the system’s operating mode. Far wrong! There hardly is any other branch of science where there is such a pronounced incongruity between the outstanding significance of the subject and the lack of expertise of most professors as in economics. This may seem particularly grotesque since for many years only those who have published numerous articles in the very best journals under the strictest peer review conditions normally have a chance in appointment procedures. With that said, the unbiased observer will wonder why there are still pressing economic problems.