Must-Read: : Sarandonizing Economics: "Pro-Growth Liberal is complaining about Gerald Friedman’s latest attempt...
...to defend his estimates for growth from the Sanders program.... Friedman produced huge numbers that were hard to understand on both the demand and the supply side. Initially, he didn’t claim to be doing anything especially new.... Only... [later] did they turn to declaring that the standard analysis was all wrong, and that Keynesians like Christina and David Romer are really just neoclassical types. For those of us who participated in the austerity debates, that’s pretty amazing and disheartening. Remember when Robert Lucas accused Christy Romer of corruptly producing ‘schlock economics’ to justify government spending? Remember the long fight against the doctrine of expansionary austerity and the mythical cliff at 90 percent debt? There was a huge division between Keynesians and anti-Keynesians, in which people like the Romers faced a torrent of abuse from the right. And there has also been a huge intellectual vindication, with interest rates, inflation, and output looking much more like Keynesian predictions than like what those on the right were predicting....
But now any skepticism about claims that... there are no supply constraints preventing the U.S. economy from growing 4.5 percent for the next decade, makes you no different from the inflation and debt fearmongers.... Anyone who tells you that you can’t get everything you want, in economics or politics, is just evil and useless...
http://krugman.blogs.nytimes.com/2016/04/22/sarandonizing-economics/
