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Chicago Economics is Disgusting

27 June 2016 | American Samoa
Kimball Corson
I get the University of Chicago Magazine, the College magazine (although I took only one course in the College), the Social Science Division magazine, the Law School Quarterly and recently now the quarterly Economics Department magazine. I could whine about the amount of work I do, reading them, but I have a bigger complaint.

Taking just the current issue of the Econ Department magazine, I learn see they have a lot of money for fancy new econ buildings and facilities and learn that selected faculty are singled out for the spot light and particular honor.

Robert Lucas, who during the depths of the Great Recession said all employment was voluntary because his models told him so, was awarded the Social Science Division Phoenix Prize "for changing the trajectory of research in the social sciences" presumptively for his work leading to and on Dynamic Equilibrium Stochastic Models, which are much criticized as being too incomplete, too ridge and to impractical, in contrast to general economic forecasting models, still very much in use.

Then comes Magne Mogstad, a full professor at Chicago, was highlighted for receiving the Fridtjof Nansen prize (don't ask) for his work seeking to show disability insurance has grown excessively, undermines work and results in future family members being on DI. Finally, Assistant Professor, Manasi Deshpande, received the APPAM Ph.D Award (again, don't ask) for taking the baton on her work showing how social insurance and public assistance programs "affect individual decisions about work, education and family formation," which is to say how it undermines all three. All three people are very Chicagoan.

But this is not all. "Summer Schools" on "Price Theory" and "Socioeconomic Inequality" are offered. Nothing on "Macro Theory" per se which has been displaced at Chicago by micro (read price theory) foundations being aggregated up into DESM macro models. The Inequality Summer School will focus on the educational and psychological differences between rich and poor people which is what lead to income and wealth inequality.

Pardon me while I wretch and throw up at the obvious bias. Even Milton Friedman would turn over in his grave. He believed informed guesstimates by good economists were better than aggregate macro models. Also, such work, even if well done, can be easily misused in the wrong republican hands.

Chicago Economics, founded and now very much funded by the oligarchy, is the groin kicker of the bottom half and the apologist for the one percent. Its motto should be, "Our research finds what they want."
_______

You see, the trick is to do a technically correct study with perhaps some good and humane normative program corrective suggestions that can then be read by stupid conservatives and republican congressmen to support axing, for example, the DI and social insurance programs. That way, you serve your patrons and the goals of scholarship at the same time while you get your take home pay.

One tip off is always what is studied. Conservatives pet peeves and concerns are at the top of the list, while some other topics or conclusions are strictly taboo. Another tip off is the supply side or productivity goal orientation of the study, when in truth demand side problems are the real issues.

That is how to get tenure at Chicago. That message is loud and clear in this econ dept quarterly journal. The full professor is leading the young female assistant professor along the way and indeed she is out doing him.

Scholarship without true integrity.
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Profile

Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ