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A lot of the blame goes to the economists ... many of whom are giving bad advice now, I firmly believe, based more on ego and political affiliation than on analysis.
How is that even funny?
Get ready Steve. Here comes the hate from the commenters...
I like the part about the "moral failure" of the economists who "abandoned what they used to know." Apparently bad parenting caused them to turn their backs on Keynes.
I blame my parents. They never read the General Theory to me.
Anyone remember the old days when Paul Krugman hammered Robert Reich, Galbraith and other "policy entrepreneurs"? The days before he became the same damn thing he hated? Now we've got a nobel prize winning trade economist that very very rarely defends free trade despite the resurgent layperson animosity towards it. Instead he likes to mouth off to a crowd of laymen about the glories of IS/LM and how gosh darned swell it would be if macroeconomics turned back the clock of scientific advancement about 4 decades.
The glories of IS/LM is one thing. The God-on-our-side approach is another.
Whatever harsh things Krugman said about Galbraith, I'm certain he never described him as a policy entrepreneur.About IS/LM: it's a pity that there is no standard, clearly-specified version which can be referenced in discussion. Far too often people argue about it with different versions of the model in mind. Worse again, what they have in mind may be quite vague.
Dammit my memory is worse than I thought. Krugman does refer to Galbraith as a policy entrepreneur in Peddling Prosperity.
"About IS/LM: it's a pity that there is no standard, clearly-specified version which can be referenced in discussion. Far too often people argue about it with different versions of the model in mind. Worse again, what they have in mind may be quite vague."The obvious solution is to get rid of it entirely, not to construct a uniform version. ISLM belongs in the dustbin.
Well if you want to "get rid of it entirely" you'll need to define what "it" is, won't you? Does every model with a consumption function, an investment function and a money-demand function go in the bin?
It is indeed funny, but I didn't get the bit about "bad parenting". Or if they are doing the abandoning, would that make economists the bad parents? But since what they're abandoning is older than them, the metaphor gets really confusing.
TGGP,Part of Krugman's shtick is that people he disagrees with don't just have bad ideas, they are simply bad people, i.e. morally unsound. Their parents did not bring them up properly apparently.
Everybody's got a shtick. Yours is that you do science. His is poor parenting. Keeps the blog traffic rolling.
"Everybody's got a shtick. Yours is that you do science. His is poor parenting. Keeps the blog traffic rolling."The difference is that Krugman is wrong and Steve is right. Up yours, Anonymous 3:46.
Yours is that you do science. His is poor parenting. Keeps the blog traffic rolling
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