Lucas's Rebuttal of Critics of Economics!

Criticizing economics and economists is in vogue. As the clouds of crisis show little signs of abating, a segment of population (read writers!) seems to be doing extremely well by joining this bandwagon. Economists could spun some theories and math to refute at least some of these criticisms. But it would not do much in terms of disparaging the well written accounts of failures of economists and their theories. Unfortunately, amongst us who actually can communicate well do not seem to be of any help in this regard.

So for what it is worth, this piece by Bob Lucas Jr. does a good job of speaking for all of us who lack the wit and word of the New York Times best sellers but who still like to delve in the esoteric world of bizarre abstractions we call models!

Myths about the Subprime Mortgage Crisis

Fed Reserve of Cleveland’s researcher has some interesting things to say about the current crisis:

http://www.clevelandfed.org/For_the_Public/News_and_Media/Press_Releases/2009/20090722.cfm