Wednesday, 4 March 2009

Economic illiteracy in blogland [updated]

The Standard’s Steve Pierson has been less than kind about the economic understanding of economic journalists.  Fair enough.  But Matt Nolan at  The Visible Hand and Paul Walker at Anti Dismal have both looked at the standard’s of The Standard’s own economic understanding, and found it – how shall I put this – seriously wanting.

Both as economics and as journalism it fails all the necessary tests.

Neither Matt nor Paul actually uses the words ‘abysmally ignorant’ to describe Mr Pierson' own'understanding, but their fingers must have surely itched to type them.   A commenter at TVHE has nevertheless drawn the explicit conclusion both Matt and Paul were kind enough to only make implicitly:

If [Steve Pierson] wants to see the economically illiterate he need look no further than the nearest mirror.

UPDATE: On a somewhat related note, NYU economics professor William Easterly reckons that in n the midst of the scariest crises of our lifetimes, politicians might be heading left, but “the crisis seems to have scared many economists of all kinds--including some previously heterodox--to reassert the orthodox recommendations of Econ 101.”

By that standard, then, The Standard’s so-called economics should be firmly placed in the “politician” category.

1 comment:

  1. I can't see the comment you quote on that page. I assume they've done the normal "suppress any dissent" trick the lefties are famous for.

    They have however left on the comment from the fool who says that tax cuts are bad because many people put the money in the bank rather than investing it. Obviously bank accounts don't count as investments for the "economically literate" (and envious) types.


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