The economics profession reverted to its prior doctrines after the crisis
Evidence
But wait: escaping scot-free is not equivalent to having evaded all controversy and condescension along the way. The task in the next few chapters is to explore this tepidly tempestuous phenomenon within the contemporary economics profession: professing a fairly narrow set of doctrines with zero tolerance for heterodoxy before the crash, and then appearing clueless during the crash, they set upon one another with a barely restrained nastiness in the immediate aftermath. Once that grew old, instead of calling a truce and opening up their intellectual horizons by entertaining alternative accounts in reaction to events, they hastily reinstated the status quo ante and closed ranks after an interregnum, only to emerge with their positions and authority relatively unscathed. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 439
Categorization
- XREF: connects to: Finance escaping crisis consequences legitimated the economics profession dodging blame — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583; The economics profession used crisis theory as calculated doubt-pumping to defend orthodoxy — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 665; The failed-bank bailout preserved economists’ political standing and career trajectories — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 563 (+4 more)
Broader Connections
- The economics profession used crisis theory as calculated doubt-pumping to defend orthodoxy
#corroborates(0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 665 - Mainstream economists admit failure to predict the crisis but resist overhauling the discipline
#qualifies(0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 517 - Finance escaping crisis consequences legitimated the economics profession dodging blame
#qualifies(0.72) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583 - The failed-bank bailout preserved economists’ political standing and career trajectories
#qualifies(0.72) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 563