Monday, January 05, 2009


Via Paul Krugman's blog:
“Most academics are really reluctant to take part in the public dialog, because the public dialog requires you to have an opinion about things you can’t really be sure about,” says Mr. Rajan. “They fear talking about things where everything is not neatly nailed in a model. They stay away and let the charlatans occupy the high ground.” -- Free market economist Raghuram Rajan; his 2005 paper which said that markets could sometimes get things terribly wrong was pooh-poohed by the leading lights of the profession.