Economists are intellectually and morally bankrupt as a profession. Nothing could be clearer, watching the proceedings at the Federal Reserve retreat this week at Jackson Hole.
Finally, acknowledging that the Federal Reserve is largely irrelevant to the modern world, left wing economists, by far the majority of academic economists these days, pushed the view that Fed officials should begin urging Congress to increase government spending as a cure for what ails us.
Nothing, apparently, happens at the margin any more, according to the modern economist. Instead, the old standby -- more government spending -- is the rallying cry. I suppose that the massive government spending that we are witnessing daily is not enough.
Remember that the highest levels of US economic growth in its history occurred when there was little or no government spending. The government once took a back seat and let private, free market forces produce the highest economic growth levels the world has ever seen.
Now, we live in the days of the bureaucrats. No amount of government regulation is too much, according to today's economists. No one at Jackson Hole suggested that over-bearing government regulation is stifling the economy. Instead, it was all about too little government spending!
No wonder no one pays any attention to economists these days. Anyone not living in a cave knows that the Fed is completely irrelevant. It is just a bunch of wealthy, pampered left wingers with time on their hands and not much to do.