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“Over the past 30 years, the economics profession—in economics departments, and in business, public policy, and law schools—has become so compromised by conflicts of interest that it now functions almost as a support group for financial services and other industries whose profits depend heavily on government policy.”

Yeah. Well. This blog’s tag line up there says UD wants to change things. But you’ll never change this thing. These guys are too smart.

And, you know, they run the universities, their boards, and their endowments.

*********************************

UD thanks Ralph for the link.

Margaret Soltan, October 4, 2010 1:01PM
Posted in: conflict of interest

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13 Responses to ““Over the past 30 years, the economics profession—in economics departments, and in business, public policy, and law schools—has become so compromised by conflicts of interest that it now functions almost as a support group for financial services and other industries whose profits depend heavily on government policy.””

  1. Stephen Karlson Says:

    Apparently economics faculties at mid-majors aren’t major enough, as we seem to have missed this gravy train, if in fact it is a gravy train.

  2. Margaret Soltan Says:

    Stephen: I know – one doesn’t want to overstate what’s happening, as I think the author of the Chronicle piece does… But I think it’s true enough for many high-profile schools.

  3. david foster Says:

    Off-topic, but thought you’d enjoy this approach to the laptop problem..

    http://www.thefacultylounge.org/2010/10/auctioning-the-right-to-use-laptops-in-class.html#tp

  4. Margaret Soltan Says:

    david: What a scheme!

  5. econprof Says:

    A nice Larry-Summers bashing. There is some truthiness (sic) in the article, although I miss some reference to Fanny Mae and Freddi Mac.
    Regarding the allegations in the header of the post: most economists (econprof included) are too theoretical to cash in. Although most of us would not object to some charitable gift from the outside world. We would not think of it as a “bribe” – just a reward for our good works. Like a church – which also accepts (even solicits) gifts from sinners.
    We believe in free markets in everything, so the business model of popes of the renaissance selling papal indulgences does not seem that outrageous for us: So constructing economic models for hire is a respected job.
    So in a way, many of us will see the article’s description of the econ department as a badge of honor – very much like English departments trying to emulate David Lodge’s books.

  6. Margaret Soltan Says:

    econprof: Well, there are a few economists who don’t, I think, believe in free markets in everything. James Galbraith? I’m sure there must be a few others.

  7. econprof Says:

    UD: This does not contradict our belief in free markets in ideas: If the price is right – why not?

  8. Margaret Soltan Says:

    I’m not sure what “this” means in your comment. If I can point out quite a few high-profile economists who aren’t radical free-marketeers, doesn’t this mean that your “our” refers not to economists as such, but to a subset of them?

  9. econprof Says:

    UD: I was a bit sarcastic, because for some obvious reasons I do not agree with the linked article and the headline of your post. So take my posts with a grain of salt.
    What you call “compromised by conflicts of interest” I would call “when the price is right, supply and demand meet on the free market of ideas”.
    Secondly a research economist’s work is mostly drab mathematics: If you have JSTORE, just look up the present issue of “Econometrica”, one of the top journals in our field. Now assume you have not only to read an article there, but also write one – isnt it perfectly understandable to dream of greener pastures?
    Academic Economists may have higher salaries, less teaching loads and very good chances for a TT position – but also do not have an exciting life like humanities profs.

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