Ever wonder why the economic experts never seem to change, keep coming back, despite racking up such shattering failures as the housing bubble and the financial crisis and the bank bailouts? Ever wonder why a guy like Larry Summers gets to be chief economist at the World Bank, then gets to deregulate Wall Street, then gets to bail Wall Street out, then almost gets to become chairman of the Fed, and then gets to make sage pronouncements on the subject of—yes— inequality? It’s for the same bad reasons: Because D.C. worships expertise and because Summers, along with a handful of other geniuses, are leading figures in a professional discipline dominated by what a well-informed observer once called a politburo for correct economic thinking.
Posted on: Mon, 15 Sep 2014 16:22:43 +0000