I believe that demand for economics classes will rise, as it often does in economically troubled times. Some of this will be "shaman demand" rather than "knowledge demand." The consulting incomes of finance economists will fall and fewer talented people will go into finance. Speaking fees will fall since fewer economists will give talks at hedge funds. The relative status of macroeconomists will rise and the relative status of microeconomists will fall. Economists will gain in fame and lose in income. What do you think?Now, if the crisis happened in Indonesia, how does it have something to do with the profession? This is what I thought:
The demand for economics classes will remain low, or stay the same, and I think "knowledge demand" is always thin in the country. But speaking and consulting fees will go up (yes), and the fame too. Or if you do not yet get your economics degree, at least the crisis will make you more popular in cocktail conversations.
I think in Indonesia the Sadli law --named after economist M. Sadli-- holds. It goes: regardless of many deafening political rhetorics in the media, when crisis happens, demand for sensible economists and economic policymaking and technocracy is up. But when the economy runs well, the populists and populist agenda are more likey to