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While that raises the question of what, exactly, we've been doing since the General Theory (and why anyone is paying us to do it), I'm not convinced its entirely a bad thing for us economists.Introductory economics is, to a large extent, our public face - far more people take intro economics than read academic journals.The current recession has revealed the weaknesses in the structures of modern capitalism.But it also revealed as useless the mathematical contortions of academic economics. This for two reasons:(1) Almost no-one predicted the world wide downtown. Categories include cheating, marriage, trust and forgiveness, feelings, and others.

While it is too late for them to revise their course evaluations, former students certainly could dash off a note to the Dean describing their increased appreciation of their Econ professors...Why did academic economics generate so much prestige? But so, for example, are theoretical physics and archeology, and physics and archeology professors are (relatively) dirt poor.The technical demands helped limit the supply of economists.At the Atlantic's new Brave New Deal blog, UC Davis' Gregory Clark considers "how the crash is reshaping economics." To paraphrase Keynes, he seems to think economists may become humbled, incompetent people:[T]he shock to the world of finance has been echoed by a shock to the world of academic economics that is just as profound.In the long post WWII boom, as free market ideology triumphed, economists have won for themselves a privileged place inside academia. most high ranked economics departments have professors earning in excess of 0,000.

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