"Modern economics is “sick”. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences. Economists have gradually converted the subject into a sort of social mathematics in which analytical rigor as understood in math departments is everything and empirical relevance (as understood in physics departments) is nothing. If a topic cannot be tackled by formal modelling, it is simply consigned to the intellectual underworld. To pick up a copy of American Economic Review or Economic Journal, not to mention Econometrica or Review of Economic Studies these days is to wonder whether one has landed on a strange planet in which tedium is the deliberate objective of professional publication. Economics was condemned a century ago as “the dismal science”, but the dismal science of yesterday was a lot less dismal than the soporific scholasticism of today."
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Columbia University alumniEconomists from the United KingdomPeople from The HagueFellows of the British Academy
Original Language: English
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"Ugly currents in modern economics" (1997)
https://en.wikiquote.org/wiki/Mark_Blaug
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Mark Blaug
Mark Blaug FBA (3 April 1927 – 18 November 2011) was a Dutch-born British economist.
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