In his book The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society, Binyamin Appelbaum criticizes the profound influence economists have had on public policy, arguing that their ideas have often led to negative societal outcomes. He traces the rise of economic theory thought from the post-New Deal period through to the present, focusing on how economic paradigms like monetarism and supply-side economics reshaped policy. However, Appelbaum also acknowledges that economists, such as Milton Friedman, contributed positively to policies like ending the draft and deregulating industries like airlines and trucking.

Despite these successes, Appelbaum argues that economists’ influence has harmed society, particularly in areas like antitrust law, trade, and financial regulation. He criticizes economists for prioritizing efficiency over distributional fairness and for being shortsighted, particularly in their handling of market concentration. Appelbaum contends that antitrust enforcement has weakened, leading to harmful market concentration that he believes negatively impacts workers, democracy, and innovation. However, recent research challenges this view. 

Appelbaum also criticizes mergers and acquisitions in the tech industry, particularly "killer acquisitions" where dominant companies buy nascent competitors to stifle innovation. He believes that such practices reduce competition and consumer welfare. Yet, other scholars argue that acquisitions can stimulate innovation by providing an exit strategy for startups. For example, if firms believe they might be bought out by larger players, they may be more motivated to innovate.

Appelbaum also points to deregulation in industries like airlines and telecommunications, where he believes insufficient antitrust enforcement has harmed consumers. He compares the U.S. and Europe, suggesting that European policies are more effective. However, studies on airline mergers and broadband prices in the U.S. suggest that the impact of consolidation may not be as detrimental as Appelbaum claims. In fact, some studies show that airline mergers have led to pro-competitive outcomes and that U.S. broadband prices are competitive globally when adjusted for factors like population density.

In conclusion, Appelbaum’s critique of economists fails to fully account for the complexities of economic outcomes and evidence.