FT Headline Highlights Problems in the Field of Economic Theory

In its weekend print edition, the Financial Times trumpeted the inaugural meeting of George Soros' Institute for New Economic Thinking with the headline 'Economists agree on need for fresh ideas, but not much else.' Aside for providing a tailor-made header for the next edition of The Onion, the line highlights a neverending problem for policymakers; the world's leading economists hardly ever agree on what the biggest issues facing economies are. Additionally, even less members of the economic community can agree on the reasons underpinning such issues. Finally, and perhaps most troubling, it seems that even fewer are able to come to a consensus on solutions.

However, not all is dismal when it comes to disagreement on economic topics. Indeed, if a correct consensus on the proper course for economies were ever to emerge, it would likely render much of the financial media and arguably a majority of legislation, (and therefore Blawgconomics) meaningless. And surely nobody, despite the positive factors underpinning such a potentially utopian development, would want that.