From Adbusters #82:
In the October 31st edition of the New York Times, Deborah Soloman, asked author of The Predator State, James K. Galbraith, about the economic crisis:
Do you find it odd that so few economists foresaw the current credit disaster?
Some did. The person with the most serious claim for seeing it coming is Dean Baker, the Washington economist. I saw it coming in general terms.
But there are at least 15,000 professional economists in this country, and you’re saying only two or three of them foresaw this mortgage crisis?
Ten or twelve would be closer than two or three.
What does that say about the field of economics, which claims to be a science?
It’s an enormous blot on the reputation of the profession. There are thousands of economists. Most of them teach. And most of them teach a theoretical framework that has been shown to be fundamentally useless.
Best. Issue. Ever.
Srsly… Get it now!
TTLY, Conrad
