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By Norbert Häring, Niall Douglas

“Economists and the strong: handy Theories, Distorted proof, plentiful Rewards” explores the workings of the trendy worldwide economic climate – an financial system during which pageant has been corrupted and tool has a ubiquitous effect upon monetary habit. in keeping with empirical and theoretical reviews through amazing economists from either the earlier and modern-day, this ebook argues that the genuine workings of capitalism are very varied from the preferred myths voiced in mainstream economics. delivering a more in-depth examine the heritage of financial doctrines – in addition to how economists are incentivized – “Economists and the robust” exposes how, whilst and why the subject matter of energy was once erased from the radar monitors of mainstream financial research – and the effect this subversive removing has had upon the fashionable monetary world.

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Rather, the United States used its influence as the dominant power of the West to steer international statistics standards in the right direction when they were developed after the Second World War. There is not much written about this. It is not a subject for polite conversation. However, a book by British statistician Michael Ward, whom the United Nations charged with exploring the history of international economic statistics under UN auspices, contains a number of interesting hints. The language of Quantifying the World is rather diplomatic.

Economists who could convince the conservative Gaither of the merits of their work and be invited to RAND, or one of its sister institutions, were in for the privilege of working for a high salary in a campus-style atmosphere but with no teaching burden at all (Amadae 2003). It is hard to overestimate RAND’s impact on the modern economic mainstream let alone modern society. As a quick indicator, to date, some 32 recipients of the Nobel (Memorial) Prize, primarily in the fields of economics and physics, have been involved or associated with RAND at some point in their career.

Furthermore, Washington has long recognized that having universities that are global leaders in higher economics education and have curricula supporting the American economic policy agenda are valuable tools for exerting soft power. A 1957 Bureau of the Budget study into the controllability of multilateral organizations explicitly recognizes the benefits derived from the foreign staff of such organizations receiving a US education (McKeown 2009). In the case of the International Monetary Fund (IMF) and the World Bank, the US harvests these benefits by de facto requiring graduate economics training from Ivy League US universities (the London School of Economics being the only fig leaf exception) in order to be considered for an entry-level position.

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