The words of Prof. Bryan Caplan:
“I’ve been in school for the last 35 years – 21 years as a student, the rest as a professor. As a result, the Real World is almost completely foreign to me. I don’t know how to do much of anything. While I had a few menial jobs in my teens, my first-hand knowledge of the world of work beyond the ivory tower is roughly zero.
I’m not alone. Most professors’ experience is almost as narrow as mine. If you want to succeed in academia, the Real World is a distraction. I have a dream job for life because I excelled in my coursework year after year, won admission to prestigious schools, and published a couple dozen articles for other professors to read. That’s what it takes – and that’s all it takes.”
Words of Dean Baker (director of the Centre for Economic Policy Research):
“If we ask why economists would believe something about the world that seems to fly in the face of evidence, my answer would be that it is the easiest path for them. The vast majority of economists have no interest in upsetting the apple cart. They wanted to be economists because it is a relatively well-paying and prestigious profession. The way you move ahead in the profession is you repeat what the people who are more prominent than you are saying. This carries no risk. If they are right you can share in the glory. If they end up being wrong, then you have the “who could have known?” excuse.”
Dean Baker again:
“In elite Washington circles, ignorance is a credential.”
and it makes us wonder how things are in good old London.