Sunday, May 26, 2013

Reinhart And Rogoff Respond to Krugman

As I have pointed out before, the debate, over a recent study by Harvard economists Carmen Reinhart and Kenneth Rogoff,  is a debate between econometricians. Austrian economists reject empirical data as a method to prove economic theory, for Austrians it is all about logical deductions. Thus, there is not much for Austrians to do, relative to the current Reinhart-Rogoff destruction at the hands of a U Mass graduate student, other than to grab some popcorn and watch. For the Austrian, the debate is just entertainment  comparable, perhaps, to the catfight scene in the old television show Burke's Law.

Paul Krugman has even  gotten into the act and Reinhart-Rogoff have responded. Here are highlights of the RR response:
We admire your past scholarly work, which influences us to this day.  So it has been with deep disappointment that we have experienced your spectacularly uncivil behavior the past few weeks.  You have attacked us in very personal terms, virtually non-stop, in your New York Times column and blog posts.  Now you have doubled down in the New York Review of Books, adding the accusation we didn't share our data.  Your characterization of our work and of our policy impact is selective and shallow.  It is deeply misleading about where we stand on the issues.  And we would respectfully submit, your logic and evidence on the policy substance is not nearly as compelling as you imply.[...]

The accusation in the New York Review of Books is a sloppy neglect on your part to check the facts before charging us with a serious academic ethical infraction. 

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