The hubris of the economists laid bare: a cautionary tale about quirky overconfidence. 2015

“Freakonomics …. reflected a wider overconfidence in economics. Like the discipline it emerged from, Freakonomics would have benefited from being humbler and rather more open to suggestions.

The Guardian Editorial, 29 May 2015

“Much bigger than a bestseller …. (Freakonomics) signalled nothing less than a cultural change.

“…What accounts for the rise of pop economics like Freakonomics? One answer is that Freakonomics is … freakishly effective, turning difficult concepts into fun facts and jaunty prose, and doing so with supreme confidence. …. it reflected a wider overconfidence in economics. It now looks badly dated.

“Freakonomics was published three years before the banking crash, an event that proved there was a lot more to life than incentive systems. That crisis ….showed up the confidence of so many mainstream economists as hollow.

“Freakonomics, like the discipline it emerged from, would have benefited from being a little humbler, rather more open to suggestions from other schools of thoughts, and ultimately aware that markets are always a political creation.”

Access the full editorial here: The hubris of the economists laid bare