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One Person Who Got It Largely Right in Early 2009: Jamie Galbraith

Steven Keen Is One Very Unhappy Camper!

People who say what I write is utter hubris, drivel, cant, and delusional mutterings all because there names are not included on a short non-exclusive list need to chill, badly.

Steven Keen:

What utter self-serving drivel, Brad Delong!: I can scarcely believe what Brad Delong has dared to publish… utter hubris and drivel!… the cant Delong has spewed forth… Delong’s delusional mutterings…

And his commentators:

Maybe Brad is from an alternate reality… something in the water at Berkeley… propagandic triangulation… He knows he has been wrong but now wants to plant some stories that gradually paint him and Krugman as having been right…. His type is very worried about their reputation… Mr. Delong must either lack a modicum of self awareness, or he knows he is being dishonest… he is interested not in argument, but in seeming superior and acting as though he’s got the moral high ground (because this works with certain groups of people…

And his twitterers:

I literally got nauseous… depressing read… What utter self-serving drivel, Brad @Delong…

And Steven Keen again:

[Y]ou should have cited me as one of the followers of Minsky etc. I’m sorry, but you popping over here and calling me “splitter” is hilarious. If you want to form alliances, then put out a revised article citing me, Wray, etc., as “fellow Minsky followers”…

And so it develops that Keen's real problem is that I wrote:

economists like Paul Krugman, Christy Romer, Gary Gorton, Carmen Reinhart, Ken Rogoff, Raghuram Rajan, Larry Summers, Barry Eichengreen, Olivier Blanchard and their peers…

when Keen thinks that I should have written:

Steve Keen and Randy Wray…


Why just 9 names Brad? Was there a word limit that stopped you adding just 2 more “Steve Keen” and “Randy Wray”? And if there was, then yes, Blanchard and Summers could surely have been dropped…

(Complaints about those malefactors Krugman, Reinhart, and Rogoff omitted.)

To which I respond:

  1. It's not supposed to be an exhaustive list of sheep, with all others being goats: I say "economists like" my nine, and my nine "and their peers".

  2. Larry and Olivier definitely belong on the list. Larry and Olivier (along with Barry Eichengreen and Charlie Kindleberger) taught me Bagehot-Minsky-Kindleberger stuff. It is Larry who says that the three economists whose analyses of 2007-9 are best are "Bagehot, Minsky, Kindleberger.

  3. Yes, there is a limited number of names you can include on a list in a very short piece. 11 is much less effective than 9. 9 is less effective than 7. 7 is less effective than 5. In pushing my list of names above 5--Krugman, Romer, Gorton, Rajan, and Eichengreen--I was already stretching it.

  4. That said, if I were to push my list of names up to 15, the next six I would add would be: Simon Johnson, Jamie Galbraith, Dean Baker, Maury Obstfeld, Pierre-Olivier Gourinchas, and Adam Posen.