Wednesday, June 30, 2010

Ambrose Evans-Pritchard Responds to Kartik Athreya

"Dr. Kartik Athreya of the Federal Reserve wrote a paper excoriating all those who blog on economic matters, but who lack Ph.D.’s in it, as 'chronically stupid' and 'a threat to public order'" which is responded to by "Ambrose Evans-Pritchard, who does not have a Ph.D. in economics, remind[ing] us of the many things which Ph.D.-bearing individuals in economics did to bring us this current point" — The arrogance of the Fed. An excerpt from the latter's article:
    Economics should never be treated as a science. Its claims are not falsifiable, which is why economists can disagree so violently among themselves: a rarer spectacle in science, where disputes are usually resolved one way or another by hard data.

    It is a branch of anthropology and psychology, a moral discipline if you like. Anybody who loses sight of this is a public nuisance, starting with Dr Athreya.

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Anonymous M.Z. said...

Non-experts do tend to be "chronically stupid." When they are followed, they area "a threat to public order." While I certainly have my frustrations with academics, they still should be respected in their domain. While I would not relish a society of technocratic obeisance, I also would not relish one which gave obeisance to popular will.

2:05 AM  
Anonymous Anonymous said...

To be fair to him, he is of Indian origin, and either he or his parents will almost certainly have had their roots in a school system that is long on rote learning and deference to authority, and amazingly short on common sense.

It says more about the Fed than him.

8:00 AM  
Blogger Stephen said...

Give me a break. Do you really need a reminder of the "threat to public order" posed by economic "experts," not to say the utter chaos they have wreaked?

"Save Us From Nobel Prize Winners"

The comment on the post, referencing von Hayek's Nobel Prize speech, is particularly a propos in rebutting this elitist claptrap.

11:26 PM  
Blogger Stephen said...

This comment has been removed by the author.

11:26 PM  
Blogger The Western Confucian said...

M.Z., I disgaree. It is the "experts" who are a threat to public order.

Anon, a good point.

Stephen, thanks for referencing yours truly.

4:40 AM  

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