(Bloomberg View) -- John Maynard Keynes wrote in 1930 that “if economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.” Almost a century later, he’s getting his wish.
Economists tend to be a grandiose bunch. They advise presidents and billionaires. They are generally unashamed about offering semi-professional opinions on everything from moral philosophy to politics to family life. Their models make sweeping assumptions about the future of technology, and leave out huge things like norms, values and emotions. I once joked that scientists might like to play God, but economists simply write down some equations for God and calibrate His parameters.
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