"It is time to acknowledge an uncomfortable truth about the public status of economics as an expert discipline: it has grown to be far more powerful as a tool of political rhetoric, blame avoidance and elite strategy than for the empirical representation of economic life. This is damaging to politics, for it enables value judgements and political agendas to be endlessly presented in ‘factual’ terms. But it is equally damaging to economics, which is losing the authority to describe reality in a credible, disinterested, Enlightenment fashion."
Brilliant analysis in Open Democracy on the perverse power of economic technocrats on our democratic institutions.
This text is the first of a series of articles under the heading “Uneconomics” which aims to “challenge the dominance of orthodox economics in public debate, highlighting alternative perspectives on the economy and the benefits that they might bring to informing policy and raising public understanding of the current crisis.”