Brad DeLong: DeLong Smackdown Watch: John Emerson Edition

I used to–six years ago–be certain that people like Emerson were wrong.

It seemed to me that economics had a powerful technocratic core and a powerful set of analytical tools that helped to make sense of the world.

But the treatment that the world has gotten from the Lucases, Cochranes, Famas, Kocherlakotas, and many others, not to mention the Prescotts–none of whom seems to have made any effort to mark their prejudices to reality–has shaken my confidence to the core. They seemed to me and seem to me to have simply not done their homework, and not be trying to do their homework.

via Brad DeLong: DeLong Smackdown Watch: John Emerson Edition.

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