Academic

More Conversations About Richard Posner And The People He Fights With

By Kim Krawiec

As I predicted in my last post on this topic, Richard Posner?s current dispute with the macroeconomists continues to provide entertainment and, perhaps, education (at least for me).  For example, in a third post on Friday on the topic, Posner notes that his two prior blog entries (discussed in the Lounge here) ?about Christina Romer's August 6 speech on the stimulus package have drawn an unusual amount of commentary, including criticisms (some by seemingly reputable economists) that are at once obtuse and vitriolic,? and further argues that ?Mark Thoma, who like DeLong is notably abusive, resorts to the academic trick of reading a passage literally in order to make the author seem an ignoramus.?  The post goes on to further discuss the Romer speech and her prior academic work, and to address other critics.

For their part, Paul Krugman, Brad DeLong, and Menzie Chinn, among others, continue to dispute Posner?s allegations and challenge his expertise, analysis, and ethics.  However, I found this post by Robert Waldman to be the most interesting, because it?s primarily about academic in-fighting and mutual contempt, and you know we love that type of thing here.  The post is long and my edited version no doubt leaves out important relevant nuances, so read the whole thing to get the full picture:

I think the problem is partly that the economics profession is divided into schools of thought -- roughly fresh water and salt water -- with profound contempt for each other (although salt water economists such as C. Romer, D. Romer and N.G. Mankiw tend to be polite in public).

I think it very likely that Romer's speach [sic] and her academic work is considered to be not* "responsible academic analysis" by top economists working at the economics departments of the Universities of Chicago and Minnesota.  . . .

Some (Thoma mostly) suggest that Posner is showing contempt for the economics profession assuming a lawyer, law professor, judge and top notch microeconomist can handle macro without brushing up on the terminology. My guess is nearly the opposite. I suspect that he is in contact with macro economists who share his view of Romer's speech and that this made him sure he is on safe ground. . . .

I think Posner genuinely doesn't know that a large fraction of the economics profession agrees with Romer's approach.

The fact is that top fresh water economists think they are the only top notch economists and dismiss salt water economists including the ones with Nobel prizes and stuff.

Well, hopefully they won?t all get tired and stop arguing after that.  This has been fun, and without such diversions I might be forced to prepare for the new semester.

Full post as published by The Faculty Lounge on August 25, 2009 (boomark / email).