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if you get a conservative economist who isn’t a charlatan and crank, you are more or less by definition getting someone with no influence on policymakers. But that’s not the only problem.

But even among conservative economists who didn’t go down that rabbit hole, there has been a moral collapse – a willingness to put political loyalty over professional standards.

the intellectual decadence. In macroeconomics, what began in the 60s and 70s as a usefully challenging critique of Keynesian views went all wrong in the 80s, because the anti-Keynesians refused to reconsider their views when their own models failed the reality test while Keynesian models, with some modification, performed pretty well.

By the time the Great Recession struck, the right-leaning side of the profession had entered a Dark Age, having retrogressed to the point where famous economists trotted out 30s-era fallacies as deep insights.

The second problem with conservative economic thought is that even aside from its complete lack of policy influence, it’s in an advanced state of both intellectual and moral decadence – something that has been obvious for a while, but became utterly clear after the 2008 crisis.

We saw that most recently in the way leading conservative economists raced to endorse ludicrous claims for the efficacy of the Trump tax cuts, then tried to climb down without admitting what they had done. We saw it in the false claims that Obama had presided over a massive expansion of government programs and refusal to admit that he hadn’t, the warnings that Fed policy would cause huge inflation followed by refusal to admit having been wrong, and on and on.

What accounts for this moral decline? I suspect that it’s about a desperate attempt to retain some influence on a party that prefers the likes of Kudlow or Stephen Moore.

no, you don’t see the same thing on the other side. Liberal economists have made plenty of bad predictions – if you never get it wrong, you’re not taking enough risks – but have generally been willing to admit to and learn from mistakes, and have rarely been sycophants to people in power. In this, as in so much else, we’re looking at asymmetric polarization.

And I think that’s true across the board. The left has genuine public intellectuals with actual ideas and at least some real influence; the right does not. News organizations don’t seem to have figured out how to deal with this reality, except by pretending that it doesn’t exist

Am I saying that there are no conservative economists who have maintained their principles? Not at all. But they have no influence, zero, on GOP thinking. So in economics, a news organization trying to represent conservative thought either has to publish people with no constituency or go with the charlatans who actually matter.

the real problem here is that media organizations are looking for unicorns: serious, honest, conservative intellectuals with real influence. Forty or fifty years ago, such people did exist. But now they don’t.

Time and again, we learned there was never a grand plan or big ideas—just weapons-grade ego, incompetence, thin skin, and prejudice against those who don’t revere him.

Despite all the incredible, damning reporting coming out of Twitter and all of Musk’s very public mistakes, many people still refuse to believe—even if they detest him—that he is simply incompetent.

What is amazing about the current moment is that, despite how ridiculous it all feels, a fundamental tenet of reality and logic appears to be holding true: If you don’t know what you’re doing or don’t really care, you’ll run the thing you’re in charge of into the ground, and people will notice.

And so the moment feels too dumb and too on the nose to be real and yet also very real—kind of like all of reality in 2022.

I don’t really know where any of this will lead, but one interesting possibility is that Musk gets increasingly reactionary and trollish in his politics and stewardship of Twitter.

Leaving the politics aside, from a basic customer-service standpoint this is generally an ill-advised way for the owner of a company to treat an elected official when that elected official wishes to know why your service has failed them. The reason it is ill-advised is because then the elected official could tweet something like what Senator Markey tweeted on Sunday: “One of your companies is under an FTC consent decree. Auto safety watchdog NHTSA is investigating another for killing people. And you’re spending your time picking fights online. Fix your companies. Or Congress will.”

It seems clear that Musk, like any dedicated social-media poster, thrives on validation, so it makes sense that, as he continues to dismantle his own mystique as an innovator, he might look for adoration elsewhere

Recent history has shown that, for a specific audience, owning the libs frees a person from having to care about competency or outcome of their actions. Just anger the right people and you’re good, even if you’re terrible at your job. This won’t help Twitter’s financial situation, which seems bleak, but it’s … something!

Bankman-Fried, the archetype, appealed to people for all kinds of reasons. His narrative as a philanthropist, and a smart rationalist, and a stone-cold weirdo was something people wanted to buy into because, generally, people love weirdos who don’t conform to systems and then find clever ways to work around them and become wildly successful as a result.

Bankman-Fried was a way that a lot of people could access and maybe obliquely understand what was going on in crypto. They may not have understood what FTX did, but they could grasp a nerd trying to leverage a system in order to do good in the world and advance progressive politics. In that sense, Bankman-Fried is easy to root for and exciting to cover. His origin story and narrative become more important than the particulars of what he may or may not be doing.

the past few weeks have been yet another reminder that the smug-nerd-genius narrative may sell magazines, and it certainly raises venture funding, but the visionary founder is, first and foremost, a marketing product, not a reality. It’s a myth that perpetuates itself. Once branded a visionary, the founder can use the narrative to raise money and generate a formidable net worth, and then the financial success becomes its own résumé. But none of it is real.

Adversarial journalism ideally questions and probes power. If it is trained on technology companies and their founders, it is because they either wield that power or have the potential to do so. It is, perhaps unintuitively, a form of respect for their influence and potential to disrupt. But that’s not what these founders want.

even if all tech coverage had been totally flawless, Silicon Valley would have rejected adversarial tech journalism because most of its players do not actually want the responsibility that comes with their potential power. They want only to embody the myth and reap the benefits. They want the narrative, which is focused on origins, ambitions, ethos, and marketing, and less on the externalities and outcomes.

Looking at Musk and Bankman-Fried, it would appear that the tech visionaries mostly get their way. For all the complaints of awful, negative coverage and biased reporting, people still want to cheer for and give money to the “‘smug nerds building castles in the sky.’” Though they vary wildly right now in magnitude, their wounds are self-inflicted—and, perhaps, the result of believing their own hype.

That’s because, almost always, the smug-nerd-genius narrative is a trap. It’s one that people fall into because they need to believe that somebody out there is so brilliant, they can see the future, or that they have some greater, more holistic understanding of the world (or that such an understanding is possible)

It’s not unlike a conspiracy theory in that way. The smug-nerd-genius narrative helps take the complexity of the world and make it more manageable.

Putting your faith in a space billionaire or a crypto wunderkind isn’t just sad fanboydom; it is also a way for people to outsource their brain to somebody else who, they believe, can see what they can’t

the smug nerd genius is exceedingly rare, and, even when they’re not outed as a fraud or a dilettante, they can be assholes or flawed like anyone else. There aren’t shortcuts for making sense of the world, and anyone who is selling themselves that way or buying into that narrative about them should read to us as a giant red flag.