Methodological self-scrutiny had been banished, leaving economists unsophisticated at crisis defense.

Evidence

Once the presumption of omniscience broke down, then the consequences of the banishment of methodological self-scrutiny began to be felt. Both the criticisms and defenses of DSGE, at the congressional hearings and elsewhere after the crisis onset, were distressingly unsophisticated, as one might expect as fallout from the ostracism of methodological thought. Robert Solow testified in Congress that DSGE models “didn’t pass the smell test,” introducing a novel olfactory standard for scientific model choice. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 788

Categorization

• XREF: connects to: Economists involved in financial innovation disappear their own roles when narrating crises — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 571; Economists lost control of crisis discourse to journalists—a sign of being caught unawares — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 464; Mainstream economists defended their failure by calling crises tautologically unpredictable. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2190 (+2 more)

Broader Connections

• Economists involved in financial innovation disappear their own roles when narrating crises #qualifies (0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 571
• Mainstream economists defended their failure by calling crises tautologically unpredictable. #expands (0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2190
• Economists lost control of crisis discourse to journalists—a sign of being caught unawares #complicates (0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 464
• 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
• The economics profession used crisis theory as calculated doubt-pumping to defend orthodoxy #qualifies (0.70) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 665