Finance escaping crisis consequences legitimated the economics profession dodging blame

Evidence

To recap: the academic-governmental-financial complex has had profound intellectual consequences. Because the banks, hedge funds, and ratings agencies all dodged the bullet in the crisis, this enabled and empowered the economics profession to do likewise. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583

Categorization

• XREF: Core mechanism for the reader’s stated purpose: how neoliberalism survived 2008 — the financial sector’s immunity modeled the profession’s own refusal of reckoning. — connects to: The 2008 crisis invalidated the preceding thirty years of financial orthodoxy — Mark Blyth, Austerity: The History of a Dangerous…, 133; Economic theory helped restore legitimacy to banned financial derivatives — Donald MacKenzie & Yuval Millo, Constructing a Market, Performing Theory, 9; Shareholder-value austerity harms firms and society while financiers profit from crashes — Max Haiven, Cultures of Financialization, 187 (+18 more)

Broader Connections

• Social studies of finance recapitulated orthodox economics and obscured the crisis’s political economy #corroborates (0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 956
• Three splashy economics revisions diverted attention from structural crisis causes #corroborates (0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 725
• Economists obscuring knowledge during crisis stems from contradicting logics of expertise and market faith #expands (0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 655