EconomistGlory

Nobel laureate Edward Prescott is quoted as saying, “Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital - all in the name of the greater glory of globalization - surely ranks near the top.”

In other words, it can be very frustrating being an economist, especially if your predictions about the economy sound the death toll for certain industries. Economists are sometimes seen as depressing soothsayers or pessimists, not unlike psychics who are constantly predicting that you are about to be hit by a bus. There is not a lot of glory in the job. If your forecasts are right, you can take some pride in the fact that you have performed your job well.