Economist Angus Deaton's Vision for Development Economics

For the more academically inclined among you, Princeton economist Angus Deaton offers his appraisal of the state of development economics.
Deaton writes:

The wholesale abandonment in American graduate schools of price theory in favor of infinite horizon intertemporal optimization and game theory has not been a favorable development for young empiricists.
Empiricists and theorists seem further apart now than at any period in the last quarter century. Yet reintegration is hardly an option because without it there is no chance of long-term scientific progress.