Ben Bernanke, Ludwig Erhard, Karl Schiller and John Maynard Keynes – economists can make serious mistakes when they enter politics, even though their theories may be perfectly correct.
essay by
Nicholas Piper
Let no one claim that economists sit in ivory towers. “The ideas of economists and political philosophers, whether right or wrong, are far more influential than is usually supposed,” said the great John Maynard Keynes. In reality, the world is ruled by almost nothing else. “Practical people who think themselves free from any intellectual influence are usually the slaves of some deceased economist.”