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The policy debacle that followed the financial crisis was also an intellectual debacle for quite a few people, including famous economists, who threw their prestige behind opposition to policies that might limit the damage 1/ bradford-delong.com/2019/07/the-au…
And since then it has turned into a moral debacle. Everyone makes bad calls – God knows I have – but you shouldn't stay with them for years, as those who spent 2009-13 warning about runaway inflation and fiscal crisis did. And it got worse ... 2/
For to a first approximation nobody who got it wrong - who made specious arguments against monetary easing and for austerity in the face of mass unemployment – has admitted having been wrong, let alone tried to understand why they got it wrong. 3/
Instead, you get claims that they didn't say what they said, or it didn't mean what it meant, and a lot of whining about how mean it was to point out flaws in their arguments. Note to the next generation: be better than this 4/
