1. An economist or talking head who sings the praises of the wealthy corporations while glossing over the miserable state of the working class. This would generally include the majority of all economists since only the wealthy corporations can afford to hire official excuse-makers.
2. Roughly, anyone who tells you to "whistle while you work".
3. One who plays the skin flute for his corporate daddies in exchange for Ass Tokens.
The word 'highfallutin' is based on a midwestern slang pronunciation of high + fluting or flutin'. The adjective is meant to humorously contrast the fancy and ghey sounds of a flautist (flute player) with the seriousness of everything else in the real world.
That high-fluting economist thinks he's really something special in his fancy suit and gold watch. He's just putting lipstick on a pig.
My boss has been listening to that high-fluting economist on Fox News and now he's got the Ayn Rand Effect so I could get fired just for showing up today.