Mr. da Silva was sort of the Paul Krugman of Portugal, working with the left and urging Keynesian policy.
Blessed with such an impressive CV, Mr Baptista’s subsequent criticisms of the Lisbon government’s far-reaching austerity cuts, as well as dire warnings that the UN planned to take action against it, struck a deep chord with its financially beleaguered population. According to the Spanish newspaper El País, his powerfully delivered comments at a debate at the International Club, a prestigious Lisbon cultural and social organisation last month, were greeted with thunderous applause and a part-standing ovation. Then, in a double page interview in the weekly newspaper Expresso in mid-December, Mr Baptista da Silva continued to denounce the government’s policies. That was followed by an interview for the radio station TSF, appearances in high-profile television debates and well-publicised meetings with trade union leaders to advise them on economic policies.
But it turns out that there was a tiny problem with Mr. da Silva’s resume. At least if “tiny” is the right way to describe a total fraud.
The only problem was that Mr Baptista da Silva is none of the above. He turned out to be a convicted forger with fake credentials and, following his spectacular hoodwinking of Portuguese society, he could soon face fraud charges. …in the country’s jails, Mr Baptista da Silva’s sudden appearance among the intellectual elite caused amazement among his former cellmates. …Mr Baptista da Silva’s comeuppance began when the UN confirmed to a Portuguese TV station last month that he did not work for the organisation, not even as a volunteer, as he later alleged. Further media investigations uncovered his prison record and fake university titles… Mr Baptista da Silva has now disappeared completely from public life, and there are reports he is under investigation for fraud charges by the police.
I guess if he was intentionally misrepresenting himself, that perhaps da Silva should go back to jail. Though a lot of real economists and almost all politicians should be in prison as well if that’s the standard.
Let me close by making a serious point. Economists do not hold some magic source of knowledge about public policy. So I’ve never objected when journalists, political scientists, laymen, and others engage in debates about economic policy.
The key to good economic analysis, as Bastiat explained in the 1800s, is looking at the seen and the unseen. And you don’t have to be an economist to recognize that the secondary and tertiary effects of public policy are very important.
Indeed, if Paul Krugman’s any indication, maybe it’s better not to be an economist.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for December 19th, 2014 | John Ransom
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