Why are we still listening to the majority of economists?
The vast majority of the institution of economics failed to foresee the financial crises and now that we suffer through it the same number of economists are incapable of providing salient answers on how to get us out of this quagmire. Yet the established norm is to continue to follow whatever it is they say we should do, in spite of the repeated failure of their suggestions. Simply put, they have proven that they are incapable, so why are we still following their edicts?
The problem is not coming from economist.
Certain powerful groups in the US are throwing a great deal of money into the pocket of politicians. Many corporations and powerful groups are involved in wanting to shape the country to their best interest. They try to adjust taxes, healthcare, corporate subsides, government spending, Wall-street, banking, and in many other areas, so that it could benefit them.
These groups working through politicians, who are always re-engineering public opinions for the masses, even if these opinions do not serve the masses.
I have been a political observer for many decades. I have also studied economics from a reputable university. Therefore I have an unique perspective here. It seems every economic measure to restore the economy is thwarted by some groups through the politicians they support.
Now countries like Japan, China, India, Germany have applied many of the economics tools shown in economics text books and were able to have better growth rate. But in the US, these measures have been discredited by corporations and other powerful groups who manipulate public opinions. Our economy is crawling compared to many these countries.
Now economists saw this coming. But they were muted by these groups. Special interest groups often discredit or mute expert opinions if it does not serve them. For example when the brightest minds in science first announced about global warming, corporations and their politicians discredited them.
These scientists were even prevented from speaking about their findings. Some were forced to alter the truth.
They target economists more often. Republicans have threatened to go after economists if their opinion contradicted the views of groups they represent. I am aware that the Republicans are even trying to re-write economic text books to discredit well-known economists.
To learn more I would suggest that you read my hub on Government spending and taxes during recession.
http://hubpages.com/hub/Government-spen … -recession
Great question. We listen to them because they do a good job of creating the impression that they know what they are talking about, especially when they throw around fancy terminology. Given the complexity of economics in the modern world, I don't know if anyone can predict what the heck is going to happen.
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