You may or may not be fully cognisant of how your field is actually practised, which the original commentator obviously is.
I have lost count of the times that senior people in your field, have happily admitted how their research is targeted towards the desired outcome of its funding source. Which the people funding the research are fully aware of, they just go economist shopping for whatever result they want to back their policy decisions.
The real issue with current economics isn't that it's not a science, it is that it's not practised scientifically. Those who do look at the field scientifically, have learnt a very great deal from the 2008 debacle - but they're not getting published where anybody is going to read them. But that is far from new. Let me present one of the great, sadly overlooked papers of your field:
David Jones, Emerging problems with the Basel Capital Accord: Regulatory capital arbitrage and related issues
Written by a researcher at the Federal Reserve in 2000, he pretty much nailed the causes of the 2008 crash, at least 8 years in advance. His reward was that he got to be part of the cleanup judging by his subsequent career - efficient resource allocation indeed.
I think you're overestimating the homogeneity of the field and underestimating the degree to which most economists understand (and in many cases agree with) the issues you're raising. Plus, finance is not the same is economics and you seem to be conflating the two.
I have lost count of the times that senior people in your field, have happily admitted how their research is targeted towards the desired outcome of its funding source. Which the people funding the research are fully aware of, they just go economist shopping for whatever result they want to back their policy decisions.
The real issue with current economics isn't that it's not a science, it is that it's not practised scientifically. Those who do look at the field scientifically, have learnt a very great deal from the 2008 debacle - but they're not getting published where anybody is going to read them. But that is far from new. Let me present one of the great, sadly overlooked papers of your field:
David Jones, Emerging problems with the Basel Capital Accord: Regulatory capital arbitrage and related issues
https://www.sciencedirect.com/science/article/pii/S037842669...
Written by a researcher at the Federal Reserve in 2000, he pretty much nailed the causes of the 2008 crash, at least 8 years in advance. His reward was that he got to be part of the cleanup judging by his subsequent career - efficient resource allocation indeed.