March 10, 2012

Self Serving Megalomania

"In normal times, when things are going pretty well, the world can function reasonably well without professional economic advice. It’s in times of crisis, when practical experience suddenly proves useless and events are beyond anyone’s normal experience, that we need professors with their models to light the path forward."
In a crisis, the LAST people we need is Professors with their fantassy land "models".

Earlier in the piece, Prof Krugman is honest that the clear thought and vision of practical participants in the economy "trumps the inevitably simplified and stylized analysis of those who know the world through equations and diagrams." Yet finally, he swerves to slip in the toxin that in times of crisis, practical people should feel fear of their blind spots and not having experienced that exact state of affairs, to surrender to those completely blind for advice!

And the 'learned' Prof goes on to close:
"And when the moment came, we failed."

Translation, "I come to bury Caesar, Not to praise him more.." JUST done backwards. But for the SAME affect.


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