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Wed Mar 2, 2016, 06:32 PM

The Urgent Need to Save Orthodox Economists from their Crippling Myths

William K. Black
February 29, 2016 Brooklyn, N.Y.

A blogger has trolled all heterodox economists as believers in the “occult.” More precisely, he is upset about “econ people” (who are likely not economists) and who tweet him or post comments on his blog site. The blogger further complains that these commenters say that they believe in heterodox economics and “new methodologies [that] are poised to topple mainstream economics.” He then goes on to say: “My typical response is to ask what these new methodologies are. But incredibly, I can almost never get an answer.”

The UMKC economics department is chock full of heterodox economists who share the blogger’s experience. We too get weird blogs and tweets that are long on revolutionary conclusions and short on specifics. Some of these messages come from folks who say they are heterodox and some from those that write to denounce heterodox economics. We also get an endless stream of policy nostrums from orthodox economists that promise to transform America (in good ways). They have, collectively, transformed America in terrible ways.

The blogger summarizes his complaint in this paragraph.

So far, the main “heterodox” econ “schools” – Post-Keynesian, MMT, and Austrian – show every indication of having no new methodology whatsoever. Anyone who points this out will, of course, be greeted with a shower of insults from ardent followers of this “school”. But when polite, patient requests for enlightenment and information have failed enough times, what else can we conclude?

The blogger conflated “new methodology” with “heterodox.” He provides no rationale for conflating those concepts, so the entire denunciation of heterodox economics wilts upon examination. My colleagues and I use conventional research methodologies to reach predictions and policy recommendations that vary greatly from orthodox economists, and we win hands down in predictive abilities because of the soundness of our use of conventional research methodologies.

in full: http://neweconomicperspectives.org/2016/03/urgent-need-save-orthodox-economists-crippling-myths.html

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Reply The Urgent Need to Save Orthodox Economists from their Crippling Myths (Original post)
Jefferson23 Mar 2016 OP
bemildred Mar 2016 #1
Jefferson23 Mar 2016 #2
bemildred Mar 2016 #3
Jefferson23 Mar 2016 #4
bemildred Mar 2016 #5
Jefferson23 Mar 2016 #7
bemildred Mar 2016 #6

Response to Jefferson23 (Original post)

Wed Mar 2, 2016, 06:53 PM

1. Excellent get Jeff.

A bunch of con men, is what they were, with lots of Rubes to work on and a compliant, indeed supportive, regulatory environment. And they are still with us too. We like "enterpreneurs" with lots of campaign money to spend.

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Response to bemildred (Reply #1)

Wed Mar 2, 2016, 07:01 PM

2. Yep, they are still with us. It is a good piece, but Black is reliable that way. n/t

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Response to Jefferson23 (Reply #2)

Wed Mar 2, 2016, 07:03 PM

3. Yes, I know Mr. Black. nt

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Response to bemildred (Reply #3)

Wed Mar 2, 2016, 07:13 PM

4. He's like a pit bull? lol He takes hold and there is nothing that stops him.

His knowledge base and his experience with the legalities is impressive,
not the only one out there..but one of the very best, I think. When you
can communicate/explain more complex problems, at least I see it that way,
you're also an excellent educator too...a win win in my book.

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Response to Jefferson23 (Reply #4)

Wed Mar 2, 2016, 07:18 PM

5. It is called intellectual integrity, something one must struggle for, and does not give up.

Very clear, step by step, so if you do the work too, you can see too.

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Response to bemildred (Reply #5)

Wed Mar 2, 2016, 07:24 PM

7. Yea..that describes his process very well. n/t

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Response to Jefferson23 (Reply #4)

Wed Mar 2, 2016, 07:20 PM

6. His prose is pretty good too, my wife is a lit major, I notice that.

In economics it's outstanding.

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