17 Jan 2009

DeLong Draws a Line in the Sand

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Commenting on Fama’s critique of fiscal stimulus, Brad DeLong writes:

What is extraordinary is that these mistakes are being rederived today, at the end of the 2000s–without any consciousness of their past or of the refutations of them made by past theory and history.

I think it is time to draw a line in the sand: no more economists who know nothing about the economic history of the world or the history of economic thought.

I am in the process of writing my book chapter dealing with Herbert Hoover. Let’s just say, if you wanted the poster child for a liberal Democratic response to the stock market crash, Hoover would have been your guy. (Seriously, I don’t want to sound like Glenn Beck who couldn’t shut up about his Christmas Sweater show for 6 months, but you loyal readers are going to be stunned at some of the stuff I’m digging up for my book.)

For now, just check out page 12 of this DeLong paper (HT2 Greg Ransom), and then go reread his quotation above.

I am very amused. It will be a fun year.

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