Thought of the Day: Social Science

It is common for social sciences, economics academia to be the reality generator of the political elite.

Example

Keynesian economics.

Why?

Keynesian economics provides the intellectual justification for economists, statisticians, technocrats, bureaucrats, and policy wonks in their exalted positions as “fine tuners” of economies the world over. 

Keynesian economics is a dominant view because it is of high political value. 

And political value often has nothing to do with truth and long-term well-being of the economy.