Jamal Awil

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I call this last practice academic entrepreneurship. [fact]

The blogger Yves Smith has wonderfully parodied this, by slightly amending the language of public-choice theory of the neoliberal Virginia School to address the code of the economist: … What would you identify as the central insights of Academic Choice theory? … The theory begins by identifying three principal ways in which economists try to maximize their utility. First, they receive salaries from universities, which can be increased if their course enrollment increases. Course enrollment is primarily driven by students with future careers in business and the financial sector, so an economist has an incentive to propound theories that CEOs and financial institutions find attractive. Even if adoption of these theories leads to substantial public costs, these costs will not be shouldered by the economist personally. Second, by developing such theories an economist can open the door to future wealth as a lobbyist or consultant. Third, the support of economists is critical to creating and maintaining special privileges for the financial services industry and for top corporate officers. By threatening to withdraw this support, economists can engage in rent-seeking. I call this last practice academic entrepreneurship.

Philip Mirowski, Never Let a Serious Crisis …, loc. 597