Archive for March 12th, 2015

Why economists cling to discredited ideas?

March 12, 2015

Well, it all depends on who has espoused those discredited ideas. If it has come from an US ivy leaguer sitting in ivy league, be assured that discredited idea will remain and keeps finding ways to get credit.

Jeff Madrick (senior fellow at Roosevelt Institute) has a piece in Prospect Magazine trying to figure answer to this question. He discusses the ideas first ( efficient markets, free trade, inflation targeting and so on). And then tries to see why these ideas continue despite their limitations:

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How the banking industry breeds dishonesty?

March 12, 2015

New research on the topic.

In an experiment, people chated more when they were made aware of their identity of being a banker:

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Do awards matter?

March 12, 2015

Bruno Frey & Jana Gallus on the topic.

When academicians turned policymakers start to praise/defend their policies ..

March 12, 2015

Was interesting to read this piece by Niti Aayog head and this one by CEA.

As I was reading them, my mind just popped a question. Would they have defended the policies if they were sitting in their ivy towers in US? I am pretty sure things like listless budget, meek budget etc would have been used if they were on the other side of the fence.

In many ways economists are just like politicians. While in opposition criticise whatever the ruling party does and when sides switch, praise (and call it path breaking) whatever you do..


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