When the facts change

摘要

ECONOMICS IS A "disgrace", according to Claudia Sahm, a former Federal Reserve researcher, who has chosen to "no longer identify" as an economist. Among several flaws, the profession fails to nurture the young, she argues, or listen to outsiders. A survey by the American Economic Association (AEA) found that only 31% of economists under the age of 44 felt valued within the discipline. All this must be off-putting to youngsters beginning the long (and lengthening) journey into the profession (see Finance section). They may wonder if there is room for their ideas in a discipline that can seem hidebound, hierarchical and homogenous. Will they invigorate economics or will it indoctrinate them?