Category Archives: Ignorance

The Economics of the Colonial Cringe

Following on James Fallows famous article The Economics of the Colonial Cringe‘, Nathan Robinson calls for the death of The Economist quoting Fallows’ famous line …. American intellectuals hold a disproportionate amount of respect for The Economist’s judgment and reporting, even though the magazine is produced by imperious 20-something Oxbridge graduates who generally know little about the subjects on which they so confidently opine’.

He writes ‘…. thanks to its reflexive belief in the superiority of free markets, it is an unreliable guide to the subjects on which it reports. Because its writers will bend the truth in order to defend capitalism, you can’t actually trust what you read in The Economist. And since journalism you can’t trust is worthless, The Economist is worthless.’ Read Robinson’s article here.

I think a group of economists should club together and launch a class-action suit for contravening trading standards to strip the magazine of its name. It would be better renamed ‘The Bullingdon Bollox (sic.)’