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Keynesian Economics and the Journals - New York Times (blog)

Keynesian Economics and the Journals - New York Times (blog) | Austrian economics | Scoop.it
Keynesian Economics and the Journals
New York Times (blog)
Brad DeLong takes on John Cochrane again; I don't have the heart or the time to do a full takedown myself. But I do want to make five points.

Via Peter Boettke
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Peter Boettke's curator insight, November 13, 2013 9:33 PM

I always remain surprised when Krugman takes to having what amounts to a professional dispute in his blog intended for non-professionals interested in economic policy.  However, in this instance (as I guess in most other instances) there is a certain logic to his madness.  But I find his position about the journals and policy to reflect only 1 possible position in this debate.  First, I prefer the Mankiw narrative about the economists as scientist/scholar verus the economists as social engineer/policy wonk.  The Harvard/MIT crowd are trained policy wonks, the Chicago crowd are trained to be scientists/scholars who have a sort of remoteness from concerns of practical policy implementation.  Second, I prefer a public choice rendering of the economics of the economic policy community.  Who benefits and whose expense?  It is not that public interest explanations are incoherent, it is that they too often don't ring true.  A coherent fairy tale is still a fairy tale.  Third, given my first 2 stated preferences, I buy the Friedman line as articulated in Free to Choose that in order to avoid the problem of special interest group politics, we must adopt a constitutional rule level of analysis that is guided by pure economics that is only derived when the economists doesn't worry about political possibilities and practicalities.

 

In short, Krugman has missed the boat again.

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The Trouble With Economics Is Economists - New York Times (blog)

The Trouble With Economics Is Economists - New York Times (blog) | Austrian economics | Scoop.it
The Trouble With Economics Is Economists New York Times (blog) It is deeply unfair to blame textbook economics either for the crisis or for the poor response to the crisis.
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