More on Krugman’s Very Bad Year

This is a Scott Sumner update:

In my view the now famous Krugman “test” of market monetarism is an indication of the pathetic state of modern macro. We are still in the Stone Age. Future generations will look back on us and shake their heads. What were they thinking?…They’ll look back on us the way modern chemists look back on alchemists. It’s almost like people don’t want to know the truth, they don’t want answers to these questions, as then the mystical power of macroeconomists with their structural models would be exposed as a sham. Remember when the Christian church produced bibles and sermons in a language that only the priesthood could understand? That’s macroeconomics circa 2013.

Comments (16)

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  1. Trent says:

    “It’s almost like people don’t want to know the truth”

    The truth can be scary.

  2. Allen says:

    “Remember when the Christian church produced bibles and sermons in a language that only the priesthood could understand? That’s macroeconomics circa 2013.”

    Continually trying to keep people out

  3. Mary says:

    “They’ll look back on us the way modern chemists look back on alchemists.”

    This is the same thing that happens over and over again. When will people stop standing in the way of progress?

  4. Lacey says:

    The “mystical power of macroeconomics.” Like it’s magic rather than a science.