Must-Read: It’s not just “pop economics” by “pop economists”. It’s bad economics by senior and (formerly) well-respected economists. Why Lucas, Fama, Prescott, Cochrane, Taylor, and all the other cheerleaders for fiscal austerity have not paid a big reputational price for their astonishingly transparent and obvious analytical blunders–what David Romer called “Econ 1-level analytical blunders” still … Continue reading Must-Read: Noah Smith: The Ways That Pop Economics Hurt America