Economists obscuring knowledge during crisis stems from contradicting logics of expertise and market faith
Evidence
Here we aim at something different. Given our ultimate objective is to understand the unreasonable resilience of the neoliberal Weltanschauung, and the role of the economists in fortifying it, I propose to concentrate on aspects of economics that have confused or otherwise obscured specific components of economic knowledge in the heat of the crisis and thereafter. In this, we further explore the phenomenon of “agnotology” raised in the previous chapter, growing out of the fundamental internal contradiction between trusting the economists to point the way out of the crisis, and trusting the markets to right themselves. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 655
Categorization
- DEFINE: Introduces ‘agnotology’ — the study of engineered ignorance or deliberate knowledge-obscuring — as the chapter’s organizing concept.
- XREF: Connects to the Festinger cognitive-dissonance discussion in the previous chapter and to commercial interests sustaining flawed economic narratives. — connects to: Economic crises are also conceptual and intellectual catastrophes — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 45; Economists involved in financial innovation disappear their own roles when narrating crises — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 571; Finance escaping crisis consequences legitimated the economics profession dodging blame — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583 (+11 more)
Broader Connections
- The economics profession used crisis theory as calculated doubt-pumping to defend orthodoxy
#expands(0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 665 - Economists’ claim to transcendent knowledge collapses when they enter governance
#complicates(0.80) — Clara E. Mattei, The Capital Order, 1597 - Economists’ ineffectual model disputes distract the public from threatening crisis explanations
#corroborates(0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 840