"I drew an upward sloping curve and a downward sloping curve that meet in the middle, and therefore socialism cannot work."
The 2008 crash called for a massive reassessment of the political and cultural status of economics. It required honest economists to recognize their profession not as a neutral description of the world but as a tool for the powerful to exercise dominion over the rest of us. But "cognitive dissonance doesn't work like that", especially when doing so would mean giving up prestige, lucrative consulting opportunities, the ear of the government. For some reason, those other social sciences don't seem to get invited to nearly such lavish parties...
Of course, many people within and without the profession have been making this argument for decades, since way before 2008. But funny thing, the way power works is - those sort of people are never listened to. Why would that change now?
Edit: For a nice overview of these arguments I recommend the book "Economists and the Powerful" from 2012.
The 2008 crash called for a massive reassessment of the political and cultural status of economics. It required honest economists to recognize their profession not as a neutral description of the world but as a tool for the powerful to exercise dominion over the rest of us. But "cognitive dissonance doesn't work like that", especially when doing so would mean giving up prestige, lucrative consulting opportunities, the ear of the government. For some reason, those other social sciences don't seem to get invited to nearly such lavish parties...
Of course, many people within and without the profession have been making this argument for decades, since way before 2008. But funny thing, the way power works is - those sort of people are never listened to. Why would that change now?
Edit: For a nice overview of these arguments I recommend the book "Economists and the Powerful" from 2012.