I agree that the economics profession needs to improve a lot. Economics is a social science that deals with highly "organic" complex systems, and not a science that deals with easily measurable and quantifiable stuff like physics. I think the main issue with the modern economics profession is that it practices economics in a way that doesn't properly account for how "soft" and complex economics is. That means we need more diversity of ideas and approaches, the inverse of the uniformizing "tyranny of the top 5" we have today. But to improve the way economics is being done, we need lots of young people going to grad school to become good researchers and professors who will improve the profession. New approaches come from the new people coming in and building new "schools of thought," not from encouraging people to drop out of the field entirely.

Open Macro Consigliere
@40yoap
I am tired of all the "people don't listen to economists because we are so smart and so right and we know so much" takes. My view of the profession has never been more negative. I have stopped encouraging people to go to grad school around 2020. I still write letters, of course.
From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments