Urjit Patel says job of economists is not to predict crises, but to explain how mankind behaves
He said economists play a vital role in shaping public perceptions and discourses and in designing strategic policies in the corporate sector, central banks, governments and multilateral institutions, but ironically all these go very often unsung. "Their greatest contribution to policymaking may take place through less direct routes like research which nudge policymakers to think about economic problems/challenges in newer/different ways," Patel said.
Stating that blaming economists for the ills plaguing the global economy is "patently unfair", he said though doctors understand diseases they cannot predict when one will fall ill. Image source: Reuters