The last ten years have been very good for economists (financially) but not so good for `the economic profession`.
The Telegraph UK
The economists have had another terrible year. It’s time for a complete re-think
In a devastating recent analysis, the American economist Paul Romer asserted that macro-economics has been going backwards for more than three decades, with economic modelling succumbing to what he has called “mathiness”, an obsession with mathematic laws and equations which bear very little relation to the real world, ignore the lessons of other disciplines and are frequently out of touch with the inherently unpredictable nature of human behaviour.
When he wrote his treatise, Adam Smith was not an economist at all, but a professor of moral philosophy, yet many economists have come to believe that they should be as divorced from moral judgement as scientists – that economics should be a technical discipline free of ethical concerns. In the battle between moralism and mechanism, mechanism won. Unlike science, however, it doesn’t appear to have delivered anything remotely useful.
All very well, but there is nothing to replace `economists`.
They are established into the world. They are an integrated part of the fabric of society.
You can’t just `wish them away`.
They are `the authority` on many subjects. You can’t argue with them (unless you are one).
It would be very bold for any `leader` to `get rid of` their economist(s).
The best that can be done … is to leave them where they are and only pretend to listen to them.
Consumer credit growth hits new 11-year high prompting warnings of ‘unsustainable’ expansion
Credit rose by a further £1.9bn in the month, taking the 12 month growth rate to 10.8 per cent.
The bulk of UK household debt is in secured mortgages.
The bank reported that the number of new mortgages for house purchases rose by 67,505 in November, slightly ahead of City expectations of 67,400.
Be of no doubt … Government wants out of `the pension providing business`.
Although, the future does look bright –