Feature

Quote of the week: Charles Ferguson

From The Chronicle of Higher Education: “The route to the 2008 financial crisis, and the economic problems that still plague us, runs straight through the economics discipline. And it’s due not just to ideology...

“The route to the 2008 financial crisis, and the economic problems that still plague us, runs straight through the economics discipline. And it’s due not just to ideology; it’s also about straightforward, old-fashioned money. Prominent academic economists (and sometimes also professors of law and public policy) are paid by companies and interest groups to testify before Congress, to write papers, to give speeches, to participate in conferences, to serve on boards of directors, to write briefs in regulatory proceedings, to defend companies in antitrust cases, and, of course, to lobby. This is now, literally, a billion-dollar industry. Yet the universities avert their eyes and deliberately don’t require faculty members either to disclose their conflicts of interest or to report their outside income.”    

Charles Ferguson in The Chronicle of Higher Education

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