This is remarkably nihilistic from Bob Solow. The fact is that over my career academic macroeconomics, at least as it has been read why journalists and politicians, has been of little or no or negative help to fiscal authorities and central bankers trying to manage economic prosperity. The reception and influence of Friedman's "The Role o Monetary Policy" has been a big part of that process. In so doing, economics failed of its promise. Figuring out why is really important: not just something to muse about while toasting marshmallows: Robert Solow: A Theory Is a Sometime Thing: "One can speculate. Maybe a patchwork of ideas like eclectic American Keynesianism, held together partly by duct tape, is always at a disadvantage compared with a monolithic doctrine that has an answer for everything, and the same answer for every thing. Maybe that same monolithic doctrine reinforced and was reinforced by the general shift of political and social preferences to the right that was taking place at about the same time. Maybe this bit of intellectual history was mainly an accidental concatenation of events, personalities, and dispositions. And maybe this is the sort of question that is better discussed while toasting marshmallows around a dying campfire.

#shouldread #economicsgonewrong