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9 April 2006

Economic Relevance

Economists like the act like nobody understands them. They assume the rest of the world is stupid, and they we need to be taught about how it works. There's probably some truth in this, but not very much. People don't doubt the truth of economic theory. They doubt the relevance of it. Or they doubt it's truthfulness. That is the real issue. And I wonder if that's the main reason that people spend so much time arguing about economics. One side is debating relevance, and the other is debating correctness. It does explain why there is so much mutual exasperation.

The tone of economics textbooks is so condescending and falsely patient. But nothing I ever read in economics makes me think they've got it all wrong. I usually wonder why they bothered trying to persuade me. In fact, I'd go as far to say as there's nothing particular contentious in economics except its applicability.

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