Economists Love to Hate on One Another
The “cage match,” as Levitt put it, between the likes of John Cochrane and Eugene Fama against economists like Brad DeLong and Paul Krugman, continues apace.
A recent New Yorker piece by John Cassidy, “After the Blowup” (gated), asks what it means to be a “Chicago school” economist at this moment in history, and to what degree Chicago-school economics may be responsible for the financial crisis.
Richard Posner, unsurprisingly, is the hero of the article. But Fama, as Cassidy notes, was “genial” in his dismissal of Posner’s analysis; and Fama’s “equanimity was unshaken” even when discussing Krugman’s fierce criticisms. “My attitude is this,” he said. “If you are getting attacked by Krugman, you must be doing something right.”
Is there any other academic field in which standard decorum is valued so low?