On the Decline of Authority of Economists

Every independent and serious economist who has some concern for the well-being of the community must, if his beliefs lie in the path of ‘orthodox’ or Classical tradition, be aware of a periodic recurrence of a sense of utter helplessness. On all sides he thinks he sees the survival of ignorance and confusion of thought on matters which affect human welfare; and he feels that nothing that it is within his power to do or say can have the slightest effect in checking the accumulation of wrong ideas and false policies which they bring forth. He recognizes that in spheres in which policy and action can be influenced, he is doomed to virtual dumbness to-day. He does not attempt the impossible. He seldom protests, for experience and history have taught him that protests are without avail and merely damaging to his reputation. He realizes that persistent opposition to the popular illusions of his time will simply bring him the notoriety of a crank or visionary. He knows that at times, when he happens to be able to support some policy which favors a strong organized interest, his pronouncements will be welcomed and he will be acclaimed as an authority. But he does not deceive himself. The same interests that may declare the genius of his one contention will be just as ready to ridicule or quietly ignore his other. His only way to permanent influence is to take a line which will be consistently acceptable to some powerful group or else to pander to the established convictions and conventional beliefs of society at large.