The Influence of Economists on the Global Economy and Markets

Extract

[...] Who are the creators of economic norms? Are they economists, politicians, or the people through democratic elections? The answer given by the author seems to be the addition of the three categories of people. Chapter Economic sciences are not hard or exact sciences like mathematics or biology. Economic sciences belong to the category of social sciences, also called soft or human sciences. Therefore, the main difficulty is its lack of accuracy, which pushes certain politicians or great thinkers to question the subject. [...]

[...] Consequently, we can deduce that the populations have perfectly accepted and admitted such a system at the state level, as it is an economic model that has been imposed on the people without any real alternative thanks to government propaganda pushed by powerful lobbying. In practice, it is easily noticeable that markets are not autonomous and free. Even the American market, which is the most representative example of the ultra-liberal economic market, is regulated by laws and regional and international trade agreements. Due to the phenomenon of globalization, which inscribes a country in a set of countries to form the global economic market, a state can no longer be independent at the economic level. [...]

[...] We can only observe that economists have long been observers of the economic system and rather critical of it. Nowadays, they are no longer just observers, but also actors in the system and stakeholders. Economists work for the most part in the service of governments and serve the political project of these latter. However, such a phenomenon raises questions about the objectivity of these scientists. They are now part of the ruling class. Such an observation also raises questions about the quality of their work and the interests at play. [...]

[...] Their analyses of economic crises are unfortunately always a posteriori. As for the balance between economic growth and social inequalities, it is sometimes very difficult to analyze, as it is specific to each country. In fact, the balance between these two notions is the particular result of each culture, history, politics, and population. It does not seem possible to determine a typical pattern and predict the effects. For example, the same economic factors in one country can be beneficial and growth-promoting, while they will be disastrous in other countries, because the economic, social, or political conditions will not be exactly the same. [...]

[...] Exercise in Synthesis of Documents: Chapter This work brings to light the behaviors of global economists towards the global economy through their behaviors. The author attempts to demonstrate how economic scientists influence the global economy and markets when they should simply describe, analyze, and comment on them. Instead of being spectators, global economists are actual actors in the economic system, which raises a problem of credibility and objectivity in their functions. Originally, the role of economists was to apply economic theories based on scientific reasoning and demonstrations to the real world. [...]