The Ideological Intolerance of Economics: Part 1

Bergmann, Barbara R. 2007. “Needed: A New Empiricism.” The Economists’ Voice, Vol. 4 : Issue 2, Article 2.

3: “Truman Bewley … interviewed about 300 business managers, asking why they don’t lower wages in a depression. The failure to do so, which may (or may not) be an important reason for the failure of unemployment to dissipate rapidly, has long been a subject of speculation among economists. Bewley’s book lists no less than 25 published theories that economists had invented to explain the phenomenon, 24 of which were wrong.” [see Bewley, chapter 20]

4: “A few years ago I had occasion to ask Truman Bewley whether he was training students at Yale to carry on research like that he did on wages. His answer, I am sorry to report, was, “No, that would ruin their careers”.”


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