social science production (was: Dark Sides of 'Solidarity'?)

[Brad De Long]

>Brad,
>     Is it not the case that to this day most major
>macroeconometric forecasting models, such as DRI's, WEFA's,
>the Fed's, etc. are all still humongous Rube Goldberg
>variations on an ISLM theme?  Lucas won in theory but lost
>in practice.  In fact, didn't he say when he won the Nobel
>Prize something to the effect that Keynes was still the
>dominant force in macroeconomics (don't remember the exact
>quote now)?
>Barkley Rosser

Yes. I think this was Larry Meyer's point. That Lucas won in the academy,
and as a result two generations of Ph.D.'s in macroeconomics have emerged
incompetent to do any real economic forecasting.

Thus lots and lots of business for L.H. Meyer and Associates...

Brad DeLong