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Among a litany of problems with Summers', slightly less with Krugman's, and still evident in Baker's analyses is a basic mischaracterization of inflation.

The perfect accompanyment to this observation is the quote found in the Interfluidity article cited below by Migeru:

"The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists." - Joan Robinson

I suspect that she had particularly in mind economists of the Chicago School, but Cambridge, Mass. as well - the left and the right pillars of NCE.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Nov 18th, 2013 at 08:20:54 PM EST
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