Greece, the Troika, and the New York Times


New Economic Perspectives has the article Greece, the Troika, and the New York Times by William K. Black. The article starts with the following paragraph:

As I have explained in prior articles, there is an excellent chance that the Troika’s infliction of austerity on the eurozone’s periphery could, as with the austerity inflicted under the Washington Consensus continue to produce such long-term rolling recessions that it creates a political dynamic that discredits such economic malpractice and brings to power leaders elected on the promise that they will adopt economically literate policies. The first case of this in the eurozone could be Greece.

It is disheartening how strongly people hold onto their justifications for “economic malpractice”, and how much they decry “economically literate policies”.   Is it too much to expect economic “experts” to be versed in the history of how the type of economic prescriptions that they are forcing on Greece have failed abysmally over and over again?

What really saddens me is that what the non-“experts” experience is enough to discredit the whole idea of expertise.  They must wonder what is the value of education if it leads one to hold firmly to expert opinion that flies in the face of reality.  This skepticism about the legitimacy of education extends far beyond the field of economics.  The anti-intellectualism that is widespread throughout the population of the USA is the source of many of our problems.  Examples extend from climate change deniers to believers in creationism. However, if the “intellectuals” are constantly prescribing nonsense that obviously fails to work, it is hard to blame the anti-intellectuals for skepticism.  What is unfortunate is that the experts who are prescribing the failed policies manage to convince the general public that it is the other experts who are wrong.

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