Macroeconomics is a pseudoscience, like astrology. It’s time for everyone to start pointing and jeering.https://twitter.com/hbdchick/status/845776954594938880 …
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Replying to @Meaningness
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@Noahpinion writes a great commentary on a recent defense of macro by Ricardo Reis http://noahpinionblog.blogspot.ru/2017/04/ricardo-reis-defends-macro_13.html …1 reply 1 retweet 3 likes -
Replying to @alexeyguzey
Is it the post by
@Noahpinion that you like, or the one by Reis? I’ve read the former…1 reply 0 retweets 0 likes -
Replying to @Meaningness
Seems to sum to: “Many of our practices each independently guaranteed that what we did had no empirical value;
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Replying to @Meaningness
now we are doing some of those differently.” No argument—or even suggestion!—that resulting discipline has any empirical value.
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Replying to @Meaningness
I interpreted it as "yes, a lot of stuff was really wrong but now it's much less wrong, we're moving in the right direction"
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Replying to @alexeyguzey
They have replaced old, failed models that seemed to make sense a priori with new models that seem to make sense a priori.
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Replying to @Meaningness
They have been doing that for decades, and the most recent models had no predictive value.
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The new ones may “make more sense” in light of recent history, but unless/until they predict, I’ll assume they’re meaningless.
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