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Rizzo on Cochrane

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07/11/2014

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 on Cochrane’s defense of modern modeling techniques.

“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

John P. Cochran (1949-2015) was emeritus dean of the Business School and emeritus professor of economics at Metropolitan State University of Denver and coauthor with Fred R. Glahe of The Hayek-Keynes Debate: Lessons for Current Business Cycle Research. He was also a senior fellow of the Mises Institute and served on the editorial board of the Quarterly Journal of Austrian Economics.

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