Economists involved in financial innovation disappear their own roles when narrating crises

Evidence

Seemingly perched outside the process, his own interventions obscured, Gorton can paint the current situation as the product of purely “natural” evolution, without once mentioning the role of economists such as himself in juking and splicing the DNA of the evolving entities. If, in some alternative universe, AIG had been wound down in a more rigorous and systematic fashion, with something approaching retrospective full disclosure, would anyone still be listening to Mr. Gorton outside of a Yale classroom? — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 571

Categorization

• XREF: Ties into the thought-collective project of this book: the economists who created securitization vehicles became their post-crisis apologists, an echo of the ‘doctor’s plot’ theme of orthodoxy’s self-insulation. — connects to: Economists responsible for the AIG collapse faced no reputational consequences and gained advisory power — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 564; Economists obscuring knowledge during crisis stems from contradicting logics of expertise and market faith — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 655; Finance escaping crisis consequences legitimated the economics profession dodging blame — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583 (+9 more)

Broader Connections

• Economists obscuring knowledge during crisis stems from contradicting logics of expertise and market faith #expands (0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 655
• Finance escaping crisis consequences legitimated the economics profession dodging blame #expands (0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583
• The economics profession and the Neoliberal Thought Collective symbiotically keep the financial system unaltered #corroborates (0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 674