Has blogging brought a new golden age of heterodox macro?

Here is a long feature article from The Economist, excerpt:

The clearest example of the power of blogging as a way of getting fringe ideas noticed is “The Money Illusion”, a blog by Scott Sumner of Bentley University, in Waltham, Massachusetts. In the wake of the financial crisis Mr Sumner, a proponent of market monetarism, felt he had something to say, but no great hope of being heard.

Do read the whole thing, it is interesting throughout and also an important article.  I would answer yes to the question posed by the title of this post, we are in a golden age of macro once again, yet it is played more or less by the technical rules of the 1920s and 30s, because a lot of blog readers are turned off by heavy math.  And couldn’t a lot of those old macro ideas have been turned into shorter blog posts anyway?  It’s like getting to rerun earlier macro debates but with terser, more articulate, and better trained macroeconomists.  Isn’t that fun?

I know that Scott would insist he is not heterodox macro at all, but I can report I found it striking to be cited in this article as a more or less establishment source, rather than heterodox myself.  In both cases the journalist is probably correct.


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