The 'hubris' of the excessively formalistic and jargonised economics profession is reflected in economists claiming themselves to be "wizards" and condescendingly calling the non-economists as "muggles". This distinction, based on the lingo of the Harry Potter series scripted by the imaginative powerhouse in J.K. Rowling, is owed to the Harvard University economics professor Gregory Mankiw. It is not surprising that most economics students too imbibe this 'snobbishness’ in relation to the non-economics students.
However, econ people who arrogantly claim themselves as wizards must heed what the most brilliant economist of the 20th century John Maynard Keynes had remarked thus: "Too large a proportion of recent 'mathematical' economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentions and unhelpful symbols". Moreover, “The master-economist must possess a rare combination of gifts...He must be a mathematician, historian, statesman, philosopher--in some degree. He must understand symbols and speak in words. He must contemplate the particular, in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must be entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood, as aloof and incorruptible as an artist, yet sometimes as near to earth as a politician."
Rarely we find an economist endowed with the multiple skill-requirements matching the above expectations of Keynes. This apart, most econ wizards are not adept at making themselves clear in plain English. Much more importantly, they cannot enliven their speaking and writing with wit and humour. Nor are they sensitive to and expressive about the feelings of people, especially of the majority for whom “life is unfair”.
The wit and humour in the prose of the economist John Kenneth Galbraith is legendary. Such a talented expression is a big relief from economics as a quintessential cold-hearted discipline. Besides, how poetic expression has taken off in the study of economic life, and its vicissitudes needs to be reckoned with and valued. The poetic power of many young people has communicated intimately, exclusively and inspiringly the inner workings of people’s minds and hearts, their ideas, their loves and hates. It is high time the mathematically rational wizards learnt to hear, respect and respond to the feelings and social and political messages of of the muggles, as expressed, for instance, by the celebrated Coldplay pop group, in times as uneasy and fearful as ours now. There is no big deal to be with the econ wizards; for, after all, they are perpetuating the social harm in studying economics, which can be summarised in two overarching points: (a) economics justifies greedy behaviour, and (b) studying economics makes people less altruistic.
Intellectualising a bit like this the thread of commentary here, let me also share with you a few worthwhile emotional things. I reckon that developing critical thinking in economics or for that matter any other subject, factors in ways of balancing emotion (cognitive empathy) and reason.
Poetry is now academically used in economics. Poetry can be a means of imparting and learning economic concepts on the part of teachers and students respectively as the following paper demonstrates:
You can find numerous economic poetry websites through the google engine. For example, you can enjoy the hilarious as also poignant expression as found in:
I am extracting a few poems from elsewhere for your enjoyment as follows.
Why I Am an Economist—By Mary Davis
Because e-quil-i-bri-um is the perfect end to Haiku Because time slows to a discount rate at the asymptote of an hour glass Because I am color blind to shades of gray Because I like to tell bedtime stories to a captive audience Because marginal costs are like shooting stars when it counts Because there are exactly seven colors in a rainbow Because self interest is like a cockroach Because there is always a right question to the wrong answer Because my worry lines give me away Because I approach the limit of creativity but never reach it Because a rational mind needs a pillow Because the market for astronauts is too small Because numbers are like words and functions are like stanzas Because efficiency is the pay dirt of a lazy mind Because a fortune cookie told me to ‘be practical’ and so did my advisor.
Economics of Love—Megan Parson
You are like economics,
Your addictive touch, my unlimited want.
Forget our chemistry, physics & genetics,
But you, I just can't!
Ne'er scarce in relation to my demand,
You know my every mood & curve.
You alone, can my heart command,
As market prices shift & swerve.
I am normative, you positive,
Opposites attract? Tis true!
Our every action, cumulative,
Together, the perfect graph we drew.
Your utility, I cannot question,
You chipped away my unstable equilibrium.
Your every approach, devoid of confusion,
Insurance of our love, requires no premium.
Though our needs are ever recurring,
Our time, brief and limited.
Memories created are never-ending,
Opportunity cost for you? Never hinted.
You are the good, worst, better & best,
Most importantly, you are never a test!!
What of empty words like love without feelings a currency without a bank to back it up, words expressed but not felt spent in amounts exceeding their value. What of love felt but not expressed deep like a vault where the most precious possessions are kept, or deep like a mine where the yawning veins provide only hints of their great worth a little bit at a time. We are growing an economy and between us we can pass Assignats or Continentals to our hearts desire, and yet when our hearts yearn for more it will only be the shining coin of the realm the pearl of desire that is assayed between us and only then will our economy stand or fall by what is backing our promise to pay the bearer on demand and redeem ourselves in return.
What if I told you that your god is dead? that supply and demand, economic forces we trust more than the laws of physics are not supplemented by a caring, Invisible hand? That the holy scriptures, thin, green pages in between the folds of a wallet are no more valueable than this gum wrapper blowing in the wind Unless we all BELIEVE otherwise Adam Smith said "Many will enter, but few will win" -cite What will give you a sense of purpose or security when you try to sleep at night? Everyone hope in the American Dream! a capitalistic kushion to save you in your time of need made of vapor to catch you when the stocks are falling its appalling this heaven of prosperity that depends on consuming more and more of the earth Listen to The Economist's sermon Watch how he reads the tea leaves Will the Fed raise the interest rates this year? We throw the dice and say our prayers. All things work together for good For those who love it. Welcome to the worship of Mammon.
You can also enjoy economic inquiry in a humourous mode via
To conclude, in case your mind spins or slumbers at the thought of macroeconomics, note that a shitty economy, with or without Covid-19, as shown below does affect your love life:
By Annavajhula J.C. Bose, PhD
Department of Economics, SRCC
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