The Great Debate UK

What our wellbeing says about the economy


peter-dixon- Peter Dixon is a guest columnist, the views expressed are his own. He is global financial economist at Commerzbank -

The popular image of economists is one of pointy-headed analysts, poring over data and running models in order to make predictions about the future which will invariably prove to be wrong.

While this is a distortion of the truth, the economics profession has not helped itself in recent years by cloaking analysis in pseudo-scientific terms, making it inaccessible to those without the necessary degree of mathematical training.

Although the great crash of 2007-08 has done nothing to enhance the reputation of economists’ ability to predict the future, it has opened up a debate about the nature of research undertaken in the economics and finance professions.