An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Monday, September 26, 2016
Noah Smith — Economics Has a Major Blind Spot
Noah Smith is becoming a better economist after leaving academia for the media. He is becoming an institutionalist, perhaps without realizing that this is an area that has been explored.
What a difference to the guy that was defending DSGE a decade ago. To the guy that tried to explain an equilibrium condition as nothing more than an equals sign, move on, nothing to see.
In my mind, Noah represented the worst of the worst that economists offered to the world, closed minded, ignorant and arrogant.
But if he can redeem himself, maybe there is hope for the profession as a whole. I mean he acknowledged people and places were injured. Not even agents.
What a difference to the guy that was defending DSGE a decade ago. To the guy that tried to explain an equilibrium condition as nothing more than an equals sign, move on, nothing to see.
ReplyDeleteIn my mind, Noah represented the worst of the worst that economists offered to the world, closed minded, ignorant and arrogant.
But if he can redeem himself, maybe there is hope for the profession as a whole. I mean he acknowledged people and places were injured. Not even agents.
His shift is proof that economists need to get out out more.
ReplyDeleteBeing able to cluelessly and effortlessly lie without guilt is why Noah Smith is now in "the media".
ReplyDeleteBeing able to cluelessly and effortlessly lie without guilt is why Noah Smith is now in "the media".
ReplyDeleteHa ha. Good one.
"Leave your conscience home when you go to work, if you still have one."