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Economic with the truth

Disparaging economics is not always justified

By John Kay   October 2000

one of the problems faced by economists is that everyone knows about economics. Most people are ready to accept that a physicist, or a lawyer, or a historian knows something they don’t. Economists encounter no similar deference. If you introduce yourself as an economist, you will probably be asked for a prediction about what is going to happen to interest rates, which the recipient will-rightly-not take very seriously.

Politicians regularly express views on economic matters. Not just on the objectives of economic policy, but on technical questions such as the relationship between the money supply and the level of output.…

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