Economists Get Too Much Credit & Too Much Blame

Economists Get Too Much Credit & Too Much Blame
Boris Roessler/dpa via AP

Not so long ago economists appeared to rule the world. The globalization reaching into every home was christened the brainchild of neoliberal economics. But when things began to go wrong, starting in 2007, economists took a beating. Now, with the threat of deglobalization hanging over us, economists stand on the sidelines, feeling ignored.

This recent turn of events might leave us wondering: Do economists have the power and influence required to affect political and policy outcomes, or is it politics that determines which strains of economics are cherry-picked and ultimately championed?

It's not just an abstract question. The answer tells us the extent to which economists are to blame for the policy failures of the globalization era, and the extent to which they can help shape policy responses to come.

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