DeLong Smackdown Watch: Mark Thoma on Why the Macroeconomic Playbook Wasn't Consulted

Mark:

Economist's View: "A Missing Macroeconomic Playbook?": It's interesting that as we add the appropriate tweaks to modern models and then ask them these questions, in most cases the old wisdom emerges as the answer. I'm not sure that, in general, people were as unaware of this work as Brad implies. In some cases that was true, certainly.... But [many of:] those who did know about this work discounted it. They found a way to argue that we had moved on from old models for good...