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View Diary: Killing Sacred Liberal Cows, or What Economists Think About the Economy (105 comments)

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  •  Note that the NPR story contained only those ideas (2+ / 0-)
    Recommended by:
    JFactor, FishOutofWater

    which were acceptable to all the economists. This is the economic version of media "false equivalency" or "balance", the running of "on the other hand, some say the shape of the world is flat" stories.

    JUST BECAUSE they could all agree on these ideas doesn't mean that individually or as a group these ideas are peachy keen. There's a great deal of astonishing group-think among economists, because they don't test their models against the real world. Stieglitz and Krugman are actually kind of outliers in their positions, but you know, there's actually a good reason why they won Nobel prizes and no, it's not because they speak good Swedish.

    •  I agree with some of this (0+ / 0-)

      It's very true that as a package these reforms would probably not work. Although I must slightly disagree with always hoisting Stieglitz and Krugman up to a pedestal - they often make good points but to dismiss all others as being inflicted by group-think is not quite true. Sure, economists have a herd mentality like anyone else but it is also true that they agree on a lot of things because it's simply sound economics. And that includes Krugman and Stieglitz. People would be surprised how much there actually is that 99% of the economists agree on and that includes Krugman et al. as well.

      •  Agree Krugman and Stieglitz not gods- but follow (0+ / 0-)

        Brad DeLong's blog () for a while and you'll see a lot of detailed, technical critique of "accepted wisdom by established economists" which, according to him (I'll cheerfully admit I don't follow the details) is contradicted by sound, well-tested economic theory and reality. In other words, a lot of what passes for Serious Economics is actually navel-gazing divorced from reality.

        Krugman and Stieglitz have been proven right, a lot more than the "freshwater" economists, thus I invoke them. Find a Chicago School economist who's right more often than them and I'll change my tune.

    •  Please see my comment above. (0+ / 0-)

      Better yet,read what Baker actually wrote about this NPR exercise.

      "George RR Martin is not your bitch" ~~ Neil Gaiman

      by tardis10 on Thu Nov 15, 2012 at 01:57:26 PM PST

      [ Parent ]

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