Weekend Reading: Vachel Lindsay: from Bryan, Bryan, Bryan, Bryan

Robert Waldmann: "I think their contributions to thought about methodology would be worth zero if correctly assessed, but are worth much less due to their influence. This is more true of Prescott, but I think I explain how Lucas's efforts are worth less than nothing here https://t.co/6fJuiQRVRk...

...And the unsensible economists who opposed the Obama stimulus will never ever admit they were wrong, because they don't do that. For example Prescott has not admitted that his early 2009 assertion that the downturn was minor was not exactly right. That is to say that there are academic economists in excellent standing (having won the Nobel Memorial prize) who will not allow mere facticity to distract them from the essential truths that they have deduced. To them the scientific method is completely alien and unwelcome.

I am thinking of Prescott, Lucas, and their acolytes. A lot of excellent scientific economic research has been accomplished recently, but I think it is important for economists to recognize that some prominent economists are enemies of science. I think their contributions to thought about methodology would be worth zero if correctly assessed, but are worth much less due to their influence.... My disagreement is not based on their policy proposals, although it is striking that in their work much has changed but the policy advice is always the same. I suspect that they work back from policy conclusions to assumptions.

But I am willing to set this suspicion aside when discussing their alleged contributions to methodology. Considered on their own terms, they are worthless if correctly understood and much worse that worthless as usually applied...


#noted

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