Experts have a very clear role in society: I hope no one would suggest otherwise. But I have a real problem with the suggestion that elites are experts. And as far as I can see being a banker, or being an economist, is not a qualification for having expertise in making the political judgement on the stimulus or otherwise needed to direct an economy, which is always a political choice.
A banker or economist knows less than a votestealer spending to regain election?
I am entirely willing to accept empirical evidence, within the boundaries within which the research took place. Extrapolation beyond those boundaries is always dangerous. It is my contention that the pre-2008 economy has gone for good: there will be no return to the old ‘normal’. Most informed opinion seems to think we will face perpetual low-interest rates.
“Informed” is carrying a lot of weight there, no? For anyone who says otherwise is “uninformed,” obviously, eh?
I will be sharing my opinions with my correspondent.