Economists have increasingly found their insights sidelined in public discourse and policymaking. Once central to shaping national agendas, their role has diminished as trust in traditional economic models erodes. This shift stems from repeated failures to anticipate major disruptions, such as financial crises or inflation surges, leading to skepticism about their forecasting abilities. Additionally, the growing complexity of global markets and the rise of behavioral insights from other social sciences have challenged the dominance of conventional economic theory. As a result, decision-makers are turning to alternative sources of analysis, including data scientists and political strategists, to guide choices in uncertain times. The profession now faces pressure to adapt by incorporating broader perspectives and improving communication with the public.
— news from Financial Times
— News Original —
How economists lost traction
Try unlimited access n nOnly Skr10 for 4 weeks n nThen Skr739 per month. Complete digital access to quality FT journalism on any device. Cancel anytime during your trial. n nCheck whether you already have access via your university or organisation. n nTerms & Conditions apply n nFor individuals n nDiscover all the plans currently available in your country n nFor multiple readers n nDigital access for organisations. Includes exclusive features and content.