Friday, November 25, 2011

University of Chicago Booth School – Smart College Has World’s Dumbest Economics Idea

Another Example of Why Academics Should Not Be in Responsible Positions

The University of Chicago is known for its economics department, and some of its faculty have won Nobel Prizes in the field.  It is not known for contributing anything of value to the solutions of real world problems, in fact that is not what an Economics Department at a University does.  What do they do?  When we find out we will let you know.

Now in an attempt to be relevant, or for some reason

the University of Chicago Booth School of Business, plans to pose one question a week and post answers from 40 senior professors at elite U.S. universities. The site went live Sunday, though the panel has been responding to questions for the past few weeks

Note that these answers will not be supported by analysis and research, they will be the opinion of these 40 supposedly wise men and women.  The opinion of economics professors on public policy is not where you want to go for good answers.  In fact, if the science of economics could contribute anything to public policy then your brother in law would not be unemployed and living in your spare bedroom, and that $200,000 you paid to have your oldest kid educated at an exclusive school would have resulted in the child being at least semi-employable.

[ECONBOOTH]What you are going to get is the political biases of the persons giving the opinions.  Those who support a policy will support it, those who don’t, won’t. The chart on the left is just an example of the value, or lack thereof of the results of this project.  Not much good, is it.

See the answer to question is not possible.  Some students will receive a better education, many other will receive a worse one.  but then everybody already knew that.  So what is the value here.  Well maybe it will keep some economists occupied, and thus they will not do nearly as much damage to the economy as they otherwise might.


  1. I find it quite ironic that someone who, without any logical arguments, and based in full projected biases, labels this initiative as "biased" and "dumb". The notion that Economic theories such as Free Markets have provided no real value to society is just laughable. Maybe I am not familiar with the background of this website or your work (research et all), but I am sure you can make better arguments that just scandalous ones to promote traffic.

  2. Dear, TDPE, at least the poster acknowledged they are not familiar with your background or your site. Fortunately, TDPE, this sounds like just the person you need to reach, but you are most demonstrable that they are, for the most part, beyond redemption.