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View Diary: Reinhart-Rogoff a week later: Why does this matter? (80 comments)

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  •  Consequences (10+ / 0-)

    And the fact that mere error (incompetence) could not alone have resulted in what R&R gave us means there must be consequences.

    The ridicule they have been subjected to is a great start.  But economists claim to be keenly focused on incentives and disincentives, particularly of the financial flavor.  If we want there to be fewer economists shilling for the rich, the risk of exposure needs to be high (check), but the financial cost should also be significant. If they can go back to their old lucrative, think-tanky lives, where is the disincentive?

    R&R are Harvard profs, presumably tenured.  Are there standards there?  It's no UMass, but perhaps the administration could be persuaded to take an interest in this level of malpractice....

    •  Well said. This was an attempt (11+ / 0-)

      to propagandize FOR austerity and it failed (thankfully).  The involvement of both Rogoff and Reinhart with the Pete Peterson Foundation can not be overlooked.  Academics who knowingly do things like this need to pay a price.  People have suffered real hardship and pain because of them.  And politicians who jumped on this bandwagon as well as Peterson himself need to be thoroughly discredited and shunned.  

      "A voice is heard in Ramah, weeping and great mourning, Rachel weeping for her children and refusing to be comforted, because they are no more." - from the prophet Jeremiah

      by 3goldens on Thu Apr 25, 2013 at 11:26:39 AM PDT

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      •  It won't have failed until the policies it (2+ / 0-)
        Recommended by:
        Klusterpuck, 3goldens

        engendered are repealed and revoked.  As long as the policies based on its false premise are in place, we cannot definitively say it "failed".

        Republicans are like alligators. All mouth and no ears.

        by Ohiodem1 on Thu Apr 25, 2013 at 02:26:45 PM PDT

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        •  Yep. You are right. (2+ / 0-)
          Recommended by:
          Ohiodem1, Klusterpuck

          Rogoff and Reinhart might have been uncovered as frauds----but we are a long ways from getting away from getting clear of austerity policies.

          "A voice is heard in Ramah, weeping and great mourning, Rachel weeping for her children and refusing to be comforted, because they are no more." - from the prophet Jeremiah

          by 3goldens on Thu Apr 25, 2013 at 02:33:53 PM PDT

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