Prof. Wren-Lewis reflects on Kevin Hassett, Glenn Hubbard, Gregory Mankiw, and John Taylor, "The Romney Program for Economic Recovery, Growth, and Jobs"
This is sad, because it tells us as much about economics as an academic discipline as it does about the individuals concerned. In the past I have imagined something similar happening in physics. It actually stretches the imagination to do so, but if it did, the academics concerned would immediately lose their academic reputation. The credibility of their work would be questioned. Responding to evidence rather than ignoring it is what distinguishes real science from pseudo science, and doctors from snake oil salesmen.Ouch — way beyond smack down.
5 comments:
Wouldn't it be nice if economists could be deregistered for malpractice?
It's good economists such as Wren-Lewis are speaking but the whole profession has been like this and it is scary that only now he realizes this!
What is Mainstream Macroeconomics?
It is just an attempt to prove by hook or crook that the government's actions are unproductive or rather that the government's involvement in the markets makes everyone worse off. So it attempts to prove that everything should be deregulated and rigidities be removed and all that.
"Wouldn't it be nice if economists could be deregistered for malpractice?"
Most Fed board members would have to resign, and our Treasury Secretary too.
"What is Mainstream Macroeconomics?
It is just an attempt to prove by hook or crook that the government's actions are unproductive or rather that the government's involvement in the markets makes everyone worse off."
Right. It's easier to understand orthodox economics if you posit it was invented as a court phenomenon justifying to aristocracy how to manage the rest of the populace. That slowly transitioned to upper classes justifying continued thwarting of representative government.
Evidence and logic, and it is sad. I did post something on that too, but what I think is troubling is that Wren-Lewis will not follow his advice and take into consideration the effects of the capital debates for his own theories.
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