This comment to a previous post is deserving of a post. Commenter Brendan writes:
Steve Sailer pointed out that the view that Economists and Social Scientists are worthless is biased by the non-overlap between questions people are currently interested in and questions social sciences can answer. Example: He defended Milton Friedman by pointing out that Friedman was the loudest critic of Nixon’s somewhat widely supported Price Controls. Friedman was right and people forget that the efficacy of Price Controls was once a contentious issue and therefore underappreciate Friedman in particular, economics in general. The issue of Price Controls was RETIRED from general discourse.
Your response to Andolfatto’s request for a ‘theoretical model’- “it’s the NGDP stupid”- reminded me of Sailer’s point. If you guys are right about Macro, you guys basically RETIRE the entire field of Macro!
Imagine how useless Econ will seem 40 years from now with NGDPLT adopted, effective, it’s wisdom “obvious” to all and it’s once-contentiousness forgotten!