Monday, March 21, 2011

The Keynesians Have Some Blame

My macroeconomics education came from a mix of old school and new school Keynesians, and I mostly only learned real business cycle stuff at a surface level (basic points and conclusions without delving into the mathematical models all that much), but even back then I got the sense that people learning macro in "freshwater" schools were largely unaware of anything of the past other than the fact the Keynesianism was proved fucking wrong.

Still at the time I also found the new Keynesians to be somewhat apologetic about what they were doing, with a weird deference to the people doing the "real" cutting edge work. They were kind of ashamed that they were clinging to those old heretical ideas or something. Similarly at the time, people in the US doing heretical micro research suggesting minimum wage laws didn't destroy the universe, or whatever, were also almost ashamed of themselves.

Basically the ignorant bullies took over the profession to some degree.

Spring fundraiser fun!