Interesting history and a quote..............
A Dark Age of macroeconomics (wonkish) - NYTimes.com Quote: The answer, I think, is that we’re living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.
And that’s what seems to have happened to macroeconomics in much of the economics profession. The knowledge that S=I doesn’t imply the Treasury view — the general understanding that macroeconomics is more than supply and demand plus the quantity equation — somehow got lost in much of the profession. I’m tempted to go on and say something about being overrun by barbarians in the grip of an obscurantist faith, but I guess I won’t. Oh wait, I guess I just did.
Quote: One of my favorite non-fiction authors, John Ralston Saul, often remarks that the end of the Enlightenment, our time, reflects the end of the feudal age it replaced.
Knowledge in the feudal age was not meant to improve understanding of the world. It was meant to support the status quo. Its purpose was to make sure that things didn’t change, that those with power remained in power.
Whether such knowledge was in tune with the way the world worked or that knowledge improved the lot of society was not a consideration.
A pity we’ve returned to that time.
— Rob Graham
http://faculty.chicagobooth.edu/john.cochrane/research/papers/Cochrane_Infla...al_Affairs.pdf
got to love when they throw zimbabwe and Greece in.. neither of which applies to the US..........