How can economists better communicate with the wider public to regain the profession’s credibility?
Economists are among the least trusted professionals in the world. Their failure to predict the 2008 financial crisis has lived long in the memories of populations in the developed and developing world alike. In this VoxDev video, Abhijit Banerjee discusses his new book, Good Economics for Hard Times, written in collaboration with fellow Nobel prize-winning economist, Esther Duflo. Banerjee here argues that economists must explain the nuances and reasoning behind their statements to regain credibility. Their book encourages readers to question much of perceived wisdom in economics, in order to gain a deeper understanding of the subject.