We may need to teach the next generation the historical evolution of innovation undertaking in conjunction with its function in society including flaws as well as strengths. In this way, they can develop philosophical, political, social meanings of innovation, not just technological aspect of it, thereby serving the public good as experts. Perhaps, when they see the purpose of innovation and its role in society, they can pursue their career more proactively by seeking the necessary skills and knowledge.
Robert Johnson is former Chief Economist of the U.S. Senate Banking Committee and former Managing Director of the Soros Fund Management. He received a Ph.D. and M.A. in Economics from Princeton University and B.S. in Electrical Engineering and Economics from M.I.T.
Happy Chuseok!
Happy Chuseok!
From Jesse's Cafe:
Economics is a disgraced profession because of the actions of a few that were tolerated by many, too often for the sake of grants, appointments, and academic timidity. Careerism.
I would not give many of the Wall Street friendly economists too much credit for an obsession with abstract thinking and even dogmatic blindness, but much moreso a willingly cynical preoccupation with temporal honors, prestige, power, and money handed out by the financial interests in a bubble economy of their own creation.
And there is a fitting emblem for this hubris, the cult of the self, with the long tenure of Alan Greenspan at the Federal Reserve.
A bureaucrat who is in a position of power for far too long can become a debilitating influence not only on their particular area or department, but on a profession as a whole. One might think of it as the J. Edgar Hoover syndrome.
http://jessescrossroadscafe.blogspot.kr/2012/09/robert-johnson-economists-as-marketeers.html
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