Robin, you’re right, most people do think economics is a cult, even though there may be a small proportion of usefulness in the teachings… characteristics are, cult members cut off from contact with non-cult members (in this case by the ignorance of the non-cult members, of course), devotion to the cult leader (Keynes ! Friedman ! the Gourd! the Sandal!), proclamations of infallibility (the market is infallible), progressive alienation (this is a science, I can believe six impossible things before breakfast), and ending in total learned helplessness (for instance, when a team of six beauticians, or whoever it happens to be this week, outperform the nation’s best fund managers yet again...).
Only teasing, but I was just reading some very old threads and came across one where you professed surprised at relative levels of acceptance of announcements in economics and physics, and am still suffering from vertigo. Happy Christmas !
Robin, you’re right, most people do think economics is a cult, even though there may be a small proportion of usefulness in the teachings… characteristics are, cult members cut off from contact with non-cult members (in this case by the ignorance of the non-cult members, of course), devotion to the cult leader (Keynes ! Friedman ! the Gourd! the Sandal!), proclamations of infallibility (the market is infallible), progressive alienation (this is a science, I can believe six impossible things before breakfast), and ending in total learned helplessness (for instance, when a team of six beauticians, or whoever it happens to be this week, outperform the nation’s best fund managers yet again...). Only teasing, but I was just reading some very old threads and came across one where you professed surprised at relative levels of acceptance of announcements in economics and physics, and am still suffering from vertigo. Happy Christmas !