It is no secret that we are living in tough times. The toughest times since the Great Depression, to be more exact. Researchers, practitioners, educators, and policy-makers around the world have joined forces in a collective attempt to revive the global economy and put us all back on a path towards sustainable growth and prosperity. However, this attempt has not always maintained an unbiased coherence with the problems at task; way too often the persons with great power in their hands contaminate decision making with an unnecessary presence of prejudice and principle. The balance between truth and ideology is a delicate issue, which has attracted an unusual amount of international attention in the past few years. The reason for that is the unfortunate tendency of some of the world’s brightest minds to bend under vested interests while compromising their professional objectivity.
For years, young and aspiring minds around the world have been learning the fundamentals of economic thought from the seminal Principles of Economics by N. Gregory Mankiw. Mr. Mankiw’s textbook is the industry benchmark for all educators in the field, as well as a reference guide for everyone in this broad profession. And CEU is not an exception; Mankiw’s textbooks are the educational standards here, just like they are elsewhere across the Globe. Mankiw has also published some of the most cited research papers on economic growth, macroeconomics, and public finance, and is now serving as a Department Director at Harvard - arguably the world’s most powerful economics faculty. The real-world impact of Mr. Mankiw’s work, including his tenure as a Chairman of the Council of Economic Advisors, has always been profound and far-reaching. During Mr. Mankiw’s decorated career, his personal preference towards conservatism and the political Right has been apparent both in his ties with the conservative political parties in the U.S., his frequent public appearances, and his eloquent writings in some of the most widely-read national news outlets.
Is it Okay for a researcher and educator to take sides in a political debate? And if yes, what is the correct balance between policy engagement and advisory and a career in education? Mr. Mankiw, for example, acts as a prime economic advisor to the Presidential nominee Mitt Romney, representing the conservative Republican Party. For obvious reasons, Mr. Mankiw has both very personal and also professional interests in bolstering the influence of the conservative ideology. But where is that intricate line which separates permitted vested interest from blatant propaganda?
The issue of concern is the continuous exposure of Mr. Mankiw to economic education: both as an instructor at Harvard and as an author of a best-selling textbook. Earlier this year we have already witnessed the famous “Occupy Harvard” campaign in which tens if not hundreds of students walked out of the Harvard’s Introduction to Economics course taught by Mr. Mankiw for apparent educational biases towards conservative lines of thought. And meticulous readers will always find here and there some subtle but yet noticeable pro-conservative lines in Mankiw’s Principles of Economics. It’s not clear whether his textbooks should be abandoned at CEU or elsewhere, but the argument itself that Gregory Mankiw’s textbooks are losing their once impeccable reputation is no longer shocking news but rather a relevant and decent topic on the agenda.
There are, to be fair with Mr. Mankiw, a lot of other examples of established economists who have resorted even more explicitly to political commentary rather than pure economic research. We all love to read the always entertaining New York Times blog of the Nobel Laureate Paul Krugman. A household name in international trade, a splendid writer, and simply a very interesting personality. But the unparalleled one-sidedness of Mr. Krugman’s commentaries have turned him into a Gospel preacher of modern liberalism.
One way or another, personal preferences and real-world pressures have forced some of the most impactful names in contemporary economics to take sides in a debate which should have remained a pursuit of pure truth. The balance in the Force has never been so disturbed, and it will take more than one Jedi to bring the discourse back to its roots of objective conscience.
Rustam Jamilov
CEU Business School Alumnus, Class of 2011
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