Ideology, pseudo-science and the closed marketplace of economic ideas
from Claude Hillinger
Federico Fubini has published a highly relevant article The Closed Marketplace of Economic Ideas regarding the remarkable stability of the rankings of top economists in the face of the evident failure of their theories.
Fubini compares this stability with the greater variability in the rankings of the largest corporations. This comparison is irrelevant since the two fields are entirely different. More relevant would be a comparison with a ranking in natural science. I don’t have such a ranking comparison, but it is obvious that if it were made say in physics, the ranking would be even more stable going back to Newton, or Galileo, or even Archimedes. The physicists discovered lasting truths and there is no reason for ever reducing their fame. So, is all well with economics? Does not any successful science produce a stable list of its greatest contributors? A genuine science does, a pseudo-science unfortunately does also!
Those wondering how economics came to its present sorry state may wish to consult my recent e-Book on the subject: Unnatural science: The conflict between reason and ideology in economics and the other social sciences