Here is George Soros in the FT on his new economics institute on how it represents a threat to the economics establishment. Give him credit for chutzpah.
CF Do you think university faculties will accept the sort of outside influence?
GS There will be great resistance and people in the universities are rather despondent because they realise that papers that don’t conform to the prevailing dogma are not accepted by the periodicals which are used to give tenure. So there is a self-perpetuating quality about tenure and the people who are involved in it are pretty despondent about breaking in. I am much more optimistic because I think that this financial crisis has definitely proven that that is unrealistic, that they dogma has lost touch with reality. And I think reality will push its way in, in the form of the students who will not want to study a dogma whose time has passed. It’s like a little bit like Marxist dogma. The collapse of the Soviet Union did not bring an end to Marxism. There are still Marxists at universities, maybe more in Europe than in America, and eventually they’ll die out, but until then, they will be there. But they may not have any students listening to them.