Too many were too impressed with their own intelligence to consider the unintended consequences of their policies
EW ECONOMISTS
The rise was made possible by charismatic intellectuals such as Milton Friedman, who in that era spotted the chance to nudge history in their preferred direction. For nearly half a century rumpled theorists held the ear of politicians around the world. Their period of triumph ended in a fog of financial crisis, economic conflict and resurgent nationalism. Mr Appelbaum aims to focus public attention on the role of economists in the miasma’s descent.
And they managed to undercut an age-old American scepticism of big business. In the late 19th and early 20th centuries, America had reined in the behemoths built by robber barons. In the 1950s economists were second-class citizens in the antitrust division of the Department of Justice. The economists’ hour changed all that.
That is not the half of it. Economists helped engineer a wave of deregulation from the 1970s to the 1990s, and provided the intellectual case for tax cuts from the 1960s to the 1980s . All this yielded many benefits: deregulating airlines, to take just one example, made flights cheaper and more accessible. But overall growth never rose as some promised. Inequality widened. Workers and communities increasingly lost out to firms.
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