The hubristic science

There is a great piece by Harvey Mansfield in The Weekly Standard about economists and their role in the current crisis. It is hard not to agree with Mansfield’s contention that economists became far too confident about what they could achieve. As Mansfield writes:

“The economists I know are generally, as individuals, sober and cautious, the most respectable of all professors and in their honesty and reliability representing the best in bourgeois virtue. But when they get together as economists, they give way to boyish irrational exuberance over the accomplishments and prospects of economics as a science.”

“it is not possible for us, or most of us, to live perfectly flexibly, always ready to calculate anew in fresh circumstances what it is in our interest to do. Thus the ideal of calculated self-interest posited by economics is not a human possibility.