Stephen Kinsella: Economists (I'm one) should be made to pay for their mistakes
Strike off an economist who knows one thing but publicly says another
YOUV'E seen him on TV. He's usually in a suit. There's something a little haughty about him. He understands something you don't. He's an economist and he's here to help. (He's almost always a he). He went to graduate school, studied the economy, something has gone wrong, and now the media want him to tell their audience what's going to happen next.
I've been this guy quite a few times, and I've always felt a little uncomfortable about the quality of my knowledge. Holding forth as an expert on the economy is something I'm supposed to do. Despite all the training I received, how confident can I be that what I'm saying has any correspondence to reality? And what consequences are there when I get something wrong?