The fact is that we need fewer efficient-markets theorists and more people who work on microstructure, limits to arbitrage, and cognitive biases. We need fewer equilibrium business-cycle theorists and more old-fashioned Keynesians and monetarists. We need more monetary historians and historians of economic thought and fewer model-builders.What Brad would like to do, apparently, is to build an economics department filled with clones of himself.
Seriously, DeLong and Summers need to use some basic economics to organize their thinking before attempting to instruct the world in what should be taught to Economics PhD students. Successful departments teach what the marketplace wants. It seems to me that the markets in Old Keynesians, Old Monetarists, monetary historians and, particularly, historians of economic thought, are pretty thin these days. A department filled with people like that would ultimately be unsuccessful, and be shut down like the old Economics Department at Notre Dame.