Cognitive capture by a bankster-regulator complex explains economics’ crisis denial

Evidence

The slavish genuflection to the financial sector within modern economics is therefore quite easily understood once a little effort has been devoted to exploring the sociology of the profession. The cognitive capture of the profession by the bankster-regulator industrial complex helped set up the profession for its fall, and is indispensable for understanding the rituals of denial that ensued. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 530

Categorization

• XREF: Pays off the ‘crisis zombie/rituals of denial’ theme running through earlier chapters; sets up the DSGE criticism coming next chapter. — connects to: Cognitive dissonance drives economists and neoliberals to treat crisis as reinforcing their beliefs; Finance escaping crisis consequences legitimated the economics profession dodging blame — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583; Economists’ persistence in error needs institutional explanation, not just psychology — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 490
• SEED: ‘Cognitive capture’ framed through professional sociology is a firm angle for an essay on why academic economics failed to anticipate 2008.

Broader Connections

• Economists’ persistence in error needs institutional explanation, not just psychology #expands (0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 490
• Finance escaping crisis consequences legitimated the economics profession dodging blame #corroborates (0.82) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583
• Cognitive dissonance drives economists and neoliberals to treat crisis as reinforcing their beliefs #complicates (0.78)