The Dismal Science
Why can't a nation sue an economic team for malpractice? If you're a doctor and you give a wrong diagnosis that leads to death, or the wrong medicine that leads to serious injury, you can be sued for malpractice. So why not sue an economic team or institution for prescribing the wrong policy advice when that advice leads to tragic economic consequences?
Economists often tell you to think in the long term, but as Keynes once put it, "in the long term we're all dead."
Economists often tell you to think in the long term, but as Keynes once put it, "in the long term we're all dead."
posted by elivo at 6:08 PM
2 Comments:
2 reasons: 1) it is much harder to detect malpractice in economics than in medicine (trying to untangle the effect of shocks, policies and their interaction with underlying institutions has given several guys Nobel prizes), and 2) people have differing interests and perceptions of policies and economic conditions, so even if you could disentangle the effect of policies, some people would want to condemn whereas others would absolve.
I say leave it to democratic competition to decide, and convict guys if they break the law.
because you collectively voted the ones who appointed them.
that's the system created by the laws. don't agree? then change the system first.
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