tag:blogger.com,1999:blog-11719208.post7230517571916149605..comments2023-11-05T04:36:14.223-08:00Comments on The Mess That Greenspan Made: The Economist on the failure of economicsTimhttp://www.blogger.com/profile/16530974968126497397noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-11719208.post-21217350086209962042009-07-17T15:27:45.791-07:002009-07-17T15:27:45.791-07:00For illustration of the benefits for sell-side eco...For illustration of the benefits for sell-side economists in the USA, there is a very explicit appendix to a book about dot.com called "high stakes, no prisoners". It is quite serious.Blissexhttp://www.sabi.co.uk/noreply@blogger.comtag:blogger.com,1999:blog-11719208.post-53104751947245758952009-07-17T15:26:29.939-07:002009-07-17T15:26:29.939-07:00«They would have been well served to make the poin...«<i>They would have been well served to make the point that many Wall Street economists (and whatever the equivalent street is in London) are bound to serve their masters who much prefer rosy predictions than the alternative.</i>»<br /><br />These are what I call the "sell-side economists". Indeed most of the academic economists in the USA are sell-side, as being extremely optimistic about uncompetitive (free) markets, lack of rules, trillions for deference to banks, etc. are very, very rewarding in career and income terms.<br /><br />Businesses, in particular financial businesses, do not give extremely well paid "consultancies" and "expert witness" fees to realistic economists of course.Blissexhttp://www.sabi.co.uk/noreply@blogger.com