> Yet I fear my words ain't clear; I was struggling to convey
> that the reputational effects the profession has served up
> for it's members was an epistemological Ponzi scheme that
> ran for decades.
Agreed. Brad DeLong says economic theory is crystallized history. If so, today's prevailing theory was founded in yesterday's tranquility. Early postwar American capitalism was mistaken for a universal. Others indulge the profession by saying certain grand theories were elaborated for their elegance, regardless of relevance. In other words, the mountains were climbed simply because they were there to climb.
A short while back, the left-ish blogosphere was debating economic orthodoxy. Max said something worth recalling about "the best theory money can buy":
More to the point, if anything it will be events and politics that will reform the profession, just as politics has pushed the mainstream this way and that from the beginning. The barrenness of standard policy nostrums in the face of unsatisfactory conditions of life for the masses will shift the center of gravity, as Jamie suggested in his first post.
<http://tpmcafe.talkingpointsmemo.com/2007/06/03/the_best_theory_money_can_buy/>
Shane