Looking Past the Big Bucks and Misconceptions in Economic Theory

The social function of economic science consists precisely in developing sound economic theories and in exploding the fallacies of vicious reasoning. In the pursuit of this task the economist incurs the deadly enmity of all mountebanks and charlatans whose shortcuts to an early paradise he debunks. -Ludwig von Mises That’s a pretty lofty view of economics and economists. As such it is far, far away from any view that most people have, especially of economists. Anyone who is even the slightest bit informed as to the track record of economists and their pronouncements will at best see them as something like a weatherman. In this view, the economist tries to make honest predictions based on the available data but gets it wrong more often than not. At worst, people see the economist as exactly the kind of charlatan Mises decries in the above quote. Economics as a discipline has lost a lot of respect. In short, economics is in trouble.  A big part of the problem is that too many economists don’t actu