The economics profession used crisis theory as calculated doubt-pumping to defend orthodoxy

Evidence

The hypothesis I propose is to pursue a possibility raised in the previous chapter, that there have surfaced in the crisis some relatively systematic attempts to pump doubt and confusion into public discourse; in other words, some “explanations” of manifestations of the crisis and its aftermath have been launched as trial balloons not so much for purposes of further test and elaboration by sanctioned professional economists, but rather as calculated interventions in public discourse in order to buy time and frustrate any shared impressions of clearly delineated positions on a contentious issue. In other words, I am suggesting that the economics profession adopted a page from the neoliberal playbook, widely promoting the notion that intrepid economists were busy gestating all sorts of “new economic theory” to explain the crisis, when in fact they had mostly dug themselves into a defensive crouch where nothing about the orthodoxy was being sloughed off, and no errors would be freely conceded. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 665

Categorization

• XREF: Connects to the merchant-of-doubt playbook from Oreskes and Conway; also to what Mirowski laid out in chapter 2 on control of knowledge and political power. — connects to: Establishment economists defended Greenspan despite the 2008 crisis — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2035; The economics profession reverted to its prior doctrines after the crisis — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 439; Insulated theory communities respond to crisis by claiming vindication. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 442 (+6 more)
• SEED: An essay angle: how ‘new economic theory’ signaling functions as credibility theater to defer reform.

Broader Connections

• Finance escaping crisis consequences legitimated the economics profession dodging blame #complicates (0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 583