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Criminal Law

: Judging Crimes

414. Mediocrization

By Joel Jacobsen

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John Cassidy's "Letter from Chicago" in the January 11 New Yorker makes a good case for the proposition that the harm done by the pseudo-Nobel for Economics has outweighed all the good done by the prizes actually established by Alfred Nobel's will. It makes the case just by mentioning in passing all the various pseudo-Nobels rung up by University of Chicago economists. The Chicago School economists are the ones who explained, with impressive mathematical formulae and even more impressive condescension, that the financial collapse of the past 18 months couldn't happen. Cassidy reveals that many are still prepared to show us that our fears remain as ignorantly foolish today as ever. Eugene Fama, the Robert R. McCormick Distinguished Service Professor Finance (why aren't professors in general embarrassed by Ruritanian titles like that? – and why isn't Fama, in particular, embarrassed to be associated with "the Colonel"?), tells Cassidy: "I don't know what a credit bubble means...continue to full post

Full post as published by Judging Crimes on January 12, 2010 (boomark / email).