Economists Get Too Much Credit -- and Blame
How influential is economic theory really? Even its practitioners disagree.
In the driver's seat.
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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?