Well, THAT explains things!
While replying to an LJ post this evening, I looked up Kipling's poem The Sons of Martha. Please go read it, as it's essential to my point. (Sorry about the overtly Christian imagery.)
Later, as I was folding laundry, I realized this was the perfect explanation. The folks who accept incompetence, like the demonstrated cluelessness of the Dow 36,000 guys, are the Sons of Mary. And folks like Raghuram Rajan are the very same profession's Sons of Martha.
This goes far wider than two wildly incompetent economists in positions of influence, of course. I really need to write out the couple of essays on how far most American's thoughts on economics are from the reality of economics that are bouncing around in my head. But not tonight, as I need to work in the morning.
Later, as I was folding laundry, I realized this was the perfect explanation. The folks who accept incompetence, like the demonstrated cluelessness of the Dow 36,000 guys, are the Sons of Mary. And folks like Raghuram Rajan are the very same profession's Sons of Martha.
This goes far wider than two wildly incompetent economists in positions of influence, of course. I really need to write out the couple of essays on how far most American's thoughts on economics are from the reality of economics that are bouncing around in my head. But not tonight, as I need to work in the morning.