This made me chuckle. Here’s the opening portion of a blog post by Stephen Williamson:
I thought I would offer some light entertainment today. This Paul Krugman post struck me as perhaps more deranged than usual on the topic of macroeconomists.
Here are the two closing paragraphs, to give you the idea:
In fact, the freshwater side wasn’t listening at all, as evidenced by the way 80-year-old fallacies cropped up as soon as an actual policy response to crisis was on the table; and as for changing views in response to facts, well, we all know how that has gone.
The state of macro is, in fact, rotten, and will remain so until the cult that has taken over half the field is somehow dislodged.
Like most of the macroeconomists I know and talk to, I try to keep up with my field, and with what is going on in the rest of economics. That’s a hard thing to do of course. It burns all the time that is left after teaching students, trying to do one’s own research, and doing whatever else we need to do to get on with life.
It doesn’t surprise me that Paul Krugman isn’t up on what is going on in macroeconomic research. Why should we expect him to go to macro conferences, spend time in seminars, and talk to his colleagues at Princeton? He has plenty on his plate, what with delivering two NYT columns per week, blogging, talking to pundits, and giving speeches. But if he’s not up on the field, what purpose does it serve to make up outlandish stuff for people to read? Maybe this just motivates the Krugman base. I have no idea.
HT2 Daniel Kuehn, who of course is upset that Williamson isn’t being fairer in his treatment of Krugman in this exchange.