Influence of economists

December 30, 2014

An economist is a person, President Ronald Reagan once famously observed, who ponders over why something which works in practice does not work in theory! Notwithstanding this somewhat jaundiced view of the practical approach of the average economist, the academic economist has an inordinate about of influence over public policy.
In the corporate sector, the accent being return on investment and profitability, economic theories are not given much space. On the other hand, in government, research and policy institutes and universities and such statist environments, economists are still very influential. Economists write learned papers, contribute columns to newspapers, advise politicians and policy makers and offer expensive consulting services.
Influence of economists.odt by Thavam Ratna