The implication seems anti-rationality.
As Noah Smith points out
What Krugman is implicitly arguing is that macroeconomics is different. The idea seems to be that since academic macro theory is not (yet) good for making quantitative predictions, we should focus more on communicating ideas. Communicating ideas - or "storytelling", as some call it - requires simplicity and clarity.
Um. We can't forecast anything so let's construct some narratives..? :-/
We can't forecast anything so let's construct some narratives..?
I think the point is more "good forecasting requires keeping an eye on what your models are actually saying about the real world."
Another month has passed and here is a new rationality quotes thread. The usual rules are: