Friday, January 27, 2017

Brad DeLong — Must-Read: Noah Smith: The Ways That Pop Economics Hurt America

I could have linked to Noah Smith directly, but Brad DeLong makes some worthwhile observations, too.

The heterodox have been saying this forever, but now the mainstream is picking it up and it is starting to stick, not only owing to the correctness of the analysis but the need of the times. It's obvious to all but the true believers that the story being peddled is not only bogus and is resulting in disaster that has spilled out of economics and finance into the social and political spheres. 

Mainstream economists are increasingly beginning to realize that this can't be ignored any longer without incurring reputational risk personally and damaged credibility to the profession as a whole, including themselves if they don't speak out.

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