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Making use of the crisis

(China Daily)
Updated: 2009-05-18 07:43

Of late, many economists show up in various forums, talking about the economic situation and analyzing market trends. The frequent public engagements have become their "main business", and the their average earnings from each event has increased nine times in the last three years. Economists are the real beneficiaries of the economic crisis, says an article in Guangzhou Daily. Excerpts:

With the development of market economy, economists have gradually become the commercial stars of intellectuals in all areas. Despite the depressed economic climate, the social status of economists is soaring. A well-known professor earned 120,000 yuan for a two-day forum in Jilin province earlier last year; while a few months later, his post-tax income from a half-day forum in Shaanxi province doubled to 60,000 yuan. No wonder people say the economists are benefiting from the bleak economy.

Actually it shouldn't be a controversial topic so long as the economists utilize their own knowledge and intelligence to earn money and pay their dues.

What the public worries about is their negligence of their primary responsibilities as professors in universities or researchers in institutions. They are paid with taxpayers' money to do their research and teach students. But they are not doing their jobs properly as they are busy earning extra money by giving speeches and interviews.

Moreover, when they are charging huge appearance fees and enjoying star treatment, can economists stick to the principle of justice and objectivity in expressing their opinions? Being the "concubine" of power and money, can they still speak for ordinary people and insist on intellectual conscience?

If the moral bottom line of the economists is lowered to make a fast buck, if the economists cannot be objective and professional, and if they cheat the public for the benefits of interest groups, it will be a loss to society.

(China Daily 05/18/2009 page4)