by Daily Bell Staff
The Daily Bell
How Economists Can Stay Relevant Under Trump … Economists are going to have to approach things a bit differently if they want to stay relevant in the Trump age. Political economy research is going to become more important. Some humility wouldn’t hurt. And they should look someplace other than the federal government to test their ideas. This is what I took away from this past weekend’s American Economic Association’s annual conference, where I heard a panel with five Nobel-winning economists on the topic of “Where is the world economy headed?” – Bloomberg
God willing, they can’t. Economics, as a profession is part of central banking. Almost no economics, with the exception of Austrian economics rejects central banking.
But economics as a part of central banking includes price fixing. Whenever central bankers meet they fix short term interest rates as a matter of course. Short term rates then influence longer term rates.
Price fixing itself is not endorsed by economics. It is a contradiction because economics as a profession seeking to create an environment where economics can go to work effectively. Every price fix tears down the functioning of economics.