The Australian Business Deans Council has just released its new ranking of the quality of academic journals in economics. This listing in turn is used to rank the quality of academic research.
A publication in a top-ranked A* journal earns serious revenue for the university where an academic is employed, and serious brownie points for the academic in terms of career and promotion prospects. A publication in a B‑graded journal is worth much less; a C‑graded is effectively “thanks for trying”. The many ungraded journals are ignored completely. So the rankings are a big deal for academics, and they strongly affect the direction of research by economists.
Given that mainstream economists completely failed to anticipate the global economic crisis that began in 2007-08, you’d imagine that this resulted in journals that publish non-mainstream economists being more highly ranked, wouldn’t you? After all, while mainstream journals like theAmerican Economic Review were awash with articles discussing the wonders of the ‘Great Moderation’ and predicting continuing stability ahead – even after the crisis had begun – non-mainstream journals like the Journal of Post Keynesian Economics and the Journal of Economic Issues had contributions from authors like the late Wynne Godley warning that it was all going to end in tears – as it duly did. Surely then, non-mainstream journals deserve to be ranked more highly.
Dream on. Click here to read more.