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Rizzo on Cochrane

July 11, 2014 in Economics

By John P. Cochran

Several days ago I highlighted John H. Cochrane’s critique of modern macroeconomics.

In today’s Wall Street Journal Austrian Economist Mario J. Rizzo provides an excellent comment Cochrane’s defense of modern modeling techiniques.

“Mr. Cochrane’s excessive scientism is on display when he pooh-poohs Paul Krugman’s critique regarding the “haze of equations” that has become standard in this field. Apparently Mr. Cochrane is worried that economics might become “ephemeral” like philosophy. I would welcome the ephemerality of Plato, Aristotle, Aquinas, Hume, Kant, Wittgenstein and so on.”

Prof. Mario J. Rizzo

New York University

New York

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