Economics is not a science; it is a quasi-religion: part superstition, part mystique, part sentimentality. Bankers dream like other men, the only difference being that when their dreams turn to nightmares, we all lose sleep. There can be no trusting the muttering of any prelate when it comes to money.

Howard Jacobson’s quote critiques the field of economics, suggesting that it is not truly a science, but rather a quasi-religion that blends elements of superstition, mystique, and sentimentality. Jacobson argues that economics is often treated as an authoritative discipline, akin to a belief system with its own set of dogmas and rituals. Instead of being rooted in objective, empirical analysis, it often relies on beliefs and assumptions that are not always grounded in reality, much like a religion that is based more on faith than evidence.

The second part of the quote focuses on bankers and their role within the economic system. Jacobson suggests that bankers, like anyone else, have dreams, but unlike ordinary people, when their dreams turn into nightmares, the consequences are felt by society at large. The phrase "we all lose sleep" highlights how the financial decisions and missteps of those in charge of the economy can affect everyone, regardless of whether they are directly involved in banking or finance.

By stating that "there can be no trusting the muttering of any prelate when it comes to money," Jacobson criticizes the authority given to financial leaders and experts, comparing them to religious figures whose teachings may be suspect or self-serving. He implies that just as religious leaders can offer misguided or dangerous advice, so too can economic authorities, especially when their motives may be driven by personal or institutional interests rather than genuine concern for the public good.

Ultimately, Jacobson’s quote challenges the notion that economics is a reliable or trustworthy field, pointing out its reliance on speculation and emotion rather than solid, testable facts. By calling it a quasi-religion, he draws attention to the subjective and often flawed nature of economic theory and the disproportionate power that financial elites wield over the broader society.