Noah Smith's Bestiary

...which I always thought was spelled "beastiary", but now I am corrected.


I'm very glad to see Market Monetarists on the list.

I actually feel a little sorry for the New Classicals, who are also on the list. I always think of New Classicals in the blogosphere like my grandad (not the one that I know reads this blog - you're quite tech savvy) who discovered the internet as a new medium to be just as cantankerous as he usually is. It's not strictly "trolling", it's just business as usual but on the web.

I could be wrong - maybe they are genuine trolls. I just picture them as garden variety curmudgeon's with a blog.

Austrians of course come in for criticism as well. I've departed from Noah's characterization in the past. Treating them like tin-foil hat wearing goldbugs may describe a few but it allows a lot of Austrians to skirt criticism by (legitimately) convincing themselves that that's not them. Granted, many of those escapees of criticism will be caught up in the libertarian entry in the bestiary.

I loved the Post-Keynesian picture, but felt a little bad there too since I know a few of these guys now (and they actually aren't troll types). Ah well.


Speaking of Post-Keynesians, we're well into neo-Kaleckian models now, which I like a lot. They don't feel all that different from standard macro (not DSGE stuff necessarily, but other models). You have most of your standard pieces, but there are also assumptions about mark-ups, differential savings rates, and capital utilization rates - all of which are very appealing and easy to work in. The last element is particularly appealing to me. I anticipate coming out of this course still a fully dedicated mainstream New Keynesian - not some outspoken critic of neoclassical economics - but with a lot of modeling insights from the Post-Keynesians.