Economists now fill the role of oracles and shamans

A WHILE back, I suggested that one reason economists get more respect than sociologists is that they have a better command of statistics and other technical skills. But I think there's also another reason the public is obsessed with economists. It's because economists, like the shamans and oracles of yore, offer people the hope of understanding the mysterious titanic forces that shape our lives. I'm talking, of course, about Macro.

When I say "Macro" with a capital "M", I mean all of the powerful and unpredictable economic forces that buffet the economy. Macro includes macroeconomics - the booms and busts of gross domestic product, unemployment and inflation. It also includes macro finance - the big swings in stock and bond prices, the sudden rise of commodities or real estate as popular asset classes.

Like the ancient Greek gods, Macro rules our lives with capricious cruelty. Did you graduate in a recession? Your career probably will be scarred for many years. Were you counting on selling your stocks or your house to begin your comfy retirement in 2009? Oops - have fun working for another five years! No matter how much of your life you control, Macro will always have its say.