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Wednesday, March 11, 2009

DeLong is On His Game

Just wanted to point to a really good post by Brad DeLong regarding the sometimes laughable anti-Keynes economists out there. There are legitimate reasons to be concerned about government debt and all this spending, but to completely disavow Keynes at this point in time just smacks as out of touch. I've said this months ago at the onset of the crisis, and I'll say this again, new-classical economics, in all its extreme forms, is dead. Economics as a field had better start coming up with a different paradigm, or risk falling into the land of irrelevancy. The field can start by incorporating already existing models from heterodox schools which, if weren't ignored in the first place, may have helped prevent this all from happening to begin with.

4 comments:

sparc5 said...

Krugman is saying we're in the dark ages of macroeconomics too: http://krugman.blogs.nytimes.com/2009/01/27/dark-age-of-macroeconomics-wonkish/

Here is how the problem manifested itself in my life: I learn one school of thought in class. I have no idea what the other schools of thought say about one thing or another. I don't know much about the disagreements. I wouldn't even know where to start in evaluating the massive body of existing literature. I don't even feel competent to do that because I'd have to have a firm grasp of differential equations. It's bad Garth. Instead I'm trusting those economists that saw this economic crisis coming, and throwing out the rest. From those who saw it coming, there are a fair amount of economists who wear tin foil hats and scream doom all the time (I'm talking about you Austrian school).

In economics, bad ideas die slowly.

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