The hierarchy in economics and its implications

Abstract

This paper argues for two propositions. (I) Large asymmetries of power, status and influence exist between economists. These asymmetries constitute a hierarchy that is steeper than it could be and steeper than hierarchies in other disciplines. (II) This situation has potentially significant epistemic consequences. I collect data on the social organization of economics to show (I). I then argue that the hierarchy in economics heightens conservative selection biases, restricts criticism between economists and disincentivizes the development of novel research. These factors together constrain economics’ capacity to develop new beliefs and reduce the likelihood that its outputs will be true.