Paul Krugman, in a blog item, in The New York Times today (8/2/15), bemoans what he calls the “tribalism” in economics. How else can one explain the tendency among conservative economists to support one another’s egregiously wrong, long-ago disproven policy recommendations – like imposing “austerity” (read cuts to safety net programs) to fight the imminent threat of inflation that never seems to materialize.
Maybe it would be more accurate to call it a religion posing as science, where faith trumps reason and all the true believers must repeat the same catechism. I just don’t happen to subscribe to this religion, and neither should anyone else who prefers to have a science of economics to guide us.