“Politicians don’t generally turn to economists for new insight into how the world works. Economists instead serve as a kind of credibility shield - experts who can be trotted out to assure the public that there are very complex and sophisticated reasons political leaders should be doing the things they do. A big part of any Washington economics job is providing a sense of scientific certainty to political judgments that are, by their very nature, uncertain. This is true for big policy changes as well as straightforward tasks like projecting growth rates and government revenue.
“The job, in other words, is to back up your team.”John Maynard Keynes:
“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else.”Call me cynical, but I think someone was bullshitting us, and that someone isn’t Carter.