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"economics knows a fair amount," it "has forgotten a fair amount that is relevant, and it has been distracted by an enormous amount."
How is this not an acknowledgement of intellectual bankruptcy? She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
Preferment, honors and advancement in one's profession are awarded by those with instinctive ties to the existing order, which is based on great individual wealth. If a US economist questions the tenants of NCE or, worse, undermine them they had best forget tenure at major universities or employment by the Federal Reserve. This is a very powerful disincentive. It is very much like the effects of acknowledging being an atheist has on someone with a Doctorate in Divinity becoming a minister of a denominational congregation. It is not a jest when economists speak of to which church any given economist belongs. "It is not necessary to have hope in order to persevere."
(Works for me.)
;-) She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
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