Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society.

The quote by Robert J. Shiller, "Since the global financial crisis and recession of 2007-2009, criticism of the economics profession has intensified. The failure of all but a few professional economists to forecast the episode - the aftereffects of which still linger - has led many to question whether the economics profession contributes anything significant to society," reflects Shiller’s criticism of the limitations within the field of economics. Shiller points out that the inability of most economists to predict the global financial crisis and its aftermath led to widespread doubts about the effectiveness and relevance of the profession. Despite the discipline's prominence in shaping policy and understanding economic trends, the crisis exposed significant shortcomings in economic forecasting.

The origin of this quote lies in Shiller’s background as a Nobel Prize-winning economist who has long been critical of mainstream economic models. The global financial crisis of 2007-2009 was a defining moment for the economics profession, as many of the predictions and theories that economists had relied upon failed to anticipate the crash. This event prompted Shiller to question whether the economics profession had become too focused on theoretical models that were disconnected from real-world economic realities.

Shiller’s statement also reflects the broader implications of this failure in economic prediction. The recession that followed the financial crisis had widespread effects on global economies, leading to significant unemployment, economic instability, and social challenges. Shiller suggests that the inability of economists to foresee or mitigate the crisis has prompted many to reconsider the value of economics as a discipline, particularly when it comes to making meaningful contributions to society.

In essence, this quote underscores the challenges that the economics profession faces in regaining public trust and credibility following its failure to predict the global financial crisis. Shiller calls for a reevaluation of economic methodologies, emphasizing the need for models and approaches that better reflect the complexities of the real world. His words invite both economists and society to reconsider how economic theories are developed and applied in addressing major global issues.