Kay is not the only critic of mainstream economists, and it would seem patently obvious that economics has failed as a predictive and explanatory tool.After all, it failed to predict our current financial crisis and it has failed to provide a policy solution that actually works.
Was the profession changing?
Could there be an Einstein moment approaching, where the mainstream realises that the cranks were right?
No, says Kay. Unlike subjects such as physics, you cannot definitively prove economics wrong. “The rewards structure of the economics profession is basically a common value system,” he says.
Small marginal improvements are rewarded, critics are considered cranks and ignored.In short, even though the economics profession has been thoroughly debunked, it is incapable of making the changes necessary to become relevant again.