Bad reputation Quote by Studs Terkel
““After the stock market crash, some New York editors suggested that hearings be held: what had really caused the Depression? They were held in Washington. In retrospect, they make the finest comic reading. The leading industrialists and bankers testified. They hadn’t the foggiest notion what had gone bad. You read a transcript of that record today with amazement: that they could be so unaware. This was their business, yet they didn’t understand the operation of the economy. The only good witnesses were the college professors, who enjoyed a bad reputation in those years. No professor was supposed to know anything practical about the economy.””
About This Quote
Source Book: Working, Studs Terkel, 1974
The testimony of powerful economic leaders revealed their ignorance of the system they controlled, while academics—though undervalued—offered clearer insight.
In simple terms: Leaders were clueless about the economy; scholars understood it better.
Key Takeaway
Recognize expertise over position.
Themes
economics
history
politics
expertise
misinformation
Mood
cynical
reflective
Type
analytical
historical
When to use this quote
- policy analysis
- financial regulation
- education reform
- media critique
Key Concepts
systemic ignorance
institutional failure
role of academia
Questions to Reflect On
- How can we ensure informed decision‑making in economic policy?
- What mechanisms prevent expert voices from being ignored?
A Different Perspective
Even educated elites can lack practical knowledge of their own domains.
![“We are stripped bare by the curse of plenty. [Referring to the theory that over-production caused the Depression]” quote by Winston Churchill](https://sms4smile.com/quotes/img-quotes/f62/winston-churchill-95_curse_we-are-stripped-bare-by-the-curse-of-ple_2569218.jpg)
