Economists are fond of examining the role that self-interest plays in economic decisions. Most recently, some economists identified with the publicchoice school have won acclaim for examining the self-interest of politicians. But conspicuously absent from the spotlight exposing self-interest are economists themselves. If ever they succumb to a moment of self-examination, they become inclined to view themselves as participants in the honorable pursuit of knowledge, objectively applying the scientific method to questions of great social importance. The suggestion that their work might be slanted in some perverse fashion in order to favor the powerful in society—those in positions to provide jobs, contracts, or grants—is regarded as a profound insult.
Galbraith has ensured himself a reputation as a heretic by applying the same assumption of selfinterest to the economist that the economist applies to others. For example,.....
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