The Reverie of Economists: A World Without Work

Imagine the ultimate nightmare for any economist—a world without the need for their expertise and where their profession becomes obsolete. This is not just a theoretical concept but a profound possibility as the global economy evolves and societal priorities shift.

Worldwide Pollution Disaster and Economic Trauma

Let's delve into a scenario that encapsulates such a nightmare. Picture an apocalyptic scenario where a worldwide pollution disaster looms on the horizon, potentially leading to a mass extinction event. The alarming reality is that mitigating such a catastrophe would inevitably harm heavily subsidized fossil fuel industries, which, due to their financial clout, can easily hire lobbyists and propagate misinformation. The surprising twist is that even after decades of efforts, the effects might not be visible for over fifty years. This chilling prospect underscores the dire stakes involved and the potential pushback from vested interests.

The Quietest Nightmare: A Departmental Crisis

For most economists, the conventional nightmare isn't as dramatic. It's more insidious: fear of a departmental cut-back in a business school or economics department in a state university. The terrifying prospect of being pushed out of an academic career and forced to seek 'real' jobs elsewhere looms. This reality reflects the precariousness of academic appointments and the constant need to prove their value on the broader job market.

A World of Satisfaction: The Ultimate Lesser Nightmare

Remarkably, the prospect of everyone being fully satisfied with the current state of the economy could be an economist's worst nightmare. If societal needs and expectations are met, and the economy operates as efficiently as possible, there would be fewer opportunities for research, innovation, and practical application of economic theories. In this scenario, all the hard work and dedication to economic theory might diminish to mere micro-level concerns. The microeconomics of individual markets and industries remain crucial, but the broader macroeconomic theories and policies that shape global economies might lose much of their relevance.

The Devaluation of Economic Theories

The academic environment is also rife with challenges. Traditional economic theories like the Chicago school and Modern Monetary Theory (MMT) face opposition. MMT, for instance, is gaining traction, but it still contends with resistance. The influential quote by Upton Sinclair, "It is difficult to get a man to change his mind when his job depends on not changing it," aptly captures the resistance to change in academia.

Diverse economic theories and schools of thought compete for acceptance, and the job security of economists who adhere to certain theories can indeed depend on maintaining the status quo. As such, any shift in the dominant economic landscape could lead to a crisis of confidence and opportunity for the affected economists.

Conclusion

The economist's nightmares span from the grand tragedy of a global disaster to the seemingly mundane prospect of departmental cut-backs. However, the ultimate fear is perhaps a world of too much satisfaction, where their work loses its relevance and their professional contributions become obsolete. This underscores the resilience and adaptability required in the field of economics and the ongoing importance of maintaining scientific integrity and innovation.