TODAYonline | Commentary | Trust us, we're academics ... or should you? - 0 views
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the 2011 Edelman Trust Barometer, published by research firm StrategyOne, which surveyed 5,075 "informed publics" in 23 countries on their trust in business, government, institutions and individuals. One of the questions asked of respondents was: "If you heard information about a company from one of these people, how credible would that information be?". Of the eight groups of individuals - academic/expert, technical expert in company, financial/industry analyst, CEO, non-governmental organisation representative, government official, person like myself, and regular employee - academic/expert came out tops with a score of 70 per cent, followed by technical expert at 64 per cent.
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the film on the global financial crisis Inside Job, which won the 2011 Academy Award for best documentary. One of the documentary's themes is the role a number of renowned academics, particularly academic economists, played in the global crisis. It highlighted potentially serious conflicts of interests related to significant compensation derived by these academics serving on boards of financial services firms and advising such firms.
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Often, these academics also played key roles in shaping government policies relating to deregulation - most appear allergic to regulation of the financial services industry. The documentary argued that these academics from Ivy League universities had basically become advocates for financial services firms, which blinded them to firms' excesses. It noted that few academic economists saw the financial crisis coming, and suggested this might be because they were too busy making money from the industry.
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