Thursday, May 31, 2007

It's not just me: Economists hate economists too.

There's a neat little battle royale going on at TPMCafe, where they've got some great economists on both lines of the orthodoxy commenting on the "mafia" that is neoclassical economics. This was brought about by Chris Hayes' excellent article, "Hip Heterodoxy" about the line of dissident thought in American economics.

In particular, don't miss James Galbraith, Paul Krugman, or Max Sawicky. Sawicky gets extra points for mentioning Nobel-Prize winner William Vickrey, who tragically died before he could accept his prize. So instead of delivering a speech in Stockholm where he went after the Worst Idea of 1975-1995 hammer and tong, as he had been late in life at every public event he could, one of his apostles -- quite sincerely, I'm sure -- delivered a speech about congestion pricing and asymmetric information. But to get an idea of what William Vickrey thought about NAIRU, you can read a little here. Also, read Chapter 2 of Linda McQuaig's "The Cult of Impotence."

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