Brad DeLong criticizes Lucas

Brad DeLong of UC Berkeley does not shy from polemics. Today’s specimen is an all-out attack on Robert Lucas. It will be entertaining to people who are interested in economics and boring to others. For the record, I think DeLong is correct on this.

P.S. David K. Levine, in another social network and in response to this post, bemoans the fact that critics of macroeconomics such as DeLong have not produced alternative macroeconomic models to push theory forward. I agree with this statement and feeling, but don’t see much to defend in the statements by Lucas mentioned by DeLong. I am fairly pessimistic on the possibility of constructing a good macroeconomic theory in my lifetime.

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