Re: [Pen-l] an inside scoop

[Jim Devine <jdevine03@xxxxxxxxx>]

me:
>  an inside scoop
>     *
> I've heard that the economics department at a local university (which
> shall remain nameless) got together at the start of September and
> discussed the stock market. By and large, opinion followed the
> standard ideological divide among economists. The free market types
> (followers of Edward Prescott, etc.) said it was time to buy, since
> there was no place to go but up. The more "new Keynesian" types said
> it was time to sell.  If these people put their money where their
> mouths were, the free market types got their comeuppance.

Charles Brown wrote:
> Any inside scoop on how free market
> types rationalize the stupendously non-free/free
> market Wall Street financial capitalist
> sector ?

My informant tells me that they were all quite confused (including the
so-called "new Keynesians").

By the way, this fellow presented a paper to my department which
reflected the worst tendencies of economics: it paid major costs (in
terms of distorting reality via "simplifying" assumptions) in return
for almost no interesting benefits (in terms of empirical insights or
predictions). He seemed quite a smart guy who was wasting his
intelligence on this stuff.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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