this post was submitted on 20 May 2025
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That's easy to say when your mortgage doesn't depend on the Emperor's New Clothes being real. Many if not most economists have staked their reputations and networks on pre-empiricism economics.
It's not a simple matter of "whoops I was wrong about one thing". Since the 1970s we've turned the world economy upside-down to cater to billionaires and inequality has skyrocketed. It would be like a priest admitting he reassigned molesters for decades.
OK but you can’t treat economists as a monolith. If you want to shame the people who did that then go ahead, but I think there’s a newer group of economists who are deconstructing the propaganda and seeking truth, and they should be encouraged.