There is much to criticize in economics nowadays – not least that the
profession focuses far too little on political issues and far too much on
beating students to death with mathematics. But much current criticism of
economics is based on misunderstanding and ignorance.
Since the global financial crisis and recession of 2007-2009, criticism of the
economics profession has intensified. If economists were unable to foresee
something so important to people’s wellbeing, what good are they to society?