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AMERICAblog – Krugman: The ‘soft corruption’ of the economics profession

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Krugman: The ‘soft corruption’ of the economics profession

by Gaius Publius on 12/07/2010 12:29:00 AM

Seems I’ve been reading some Krugman lately, but it’s been well worth it. In this blog post he comments on the film Inside Job (which Chris in Paris discussed here).

I won’t highlight everything in the post (I’m saving the “helicopter” comment for you to enjoy alone). But this jumped out — the Professor finally sees it:

There aren’t, I think, all that many cases when economists are literally paid to offer a specific opinion — although Greenspan’s defense of Keating qualifies. But the movie didn’t say there are. What it suggested, instead, was a kind of soft corruption: you get paid a lot of money by the financial industry, you get put on boards, but only if you don’t rock the boat too much. Besides, you hang out with these people, and get assimilated by the financial Borg. I think all of that is very true.

You don’t get your kids into Exeter by disagreeing with the billionaire donors of the Brookings Institute.

Now maybe he can stop assigning the noble badge of Honest Differences to the PhD-ed retainers who refuse to make sense. I know, baby steps.

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