Empirical bases in economics = moving targets to make academic papers presentable. Krugman is wrong far more often than he's right. The irony of someone calling Krugman critics faith-based is something else.
So a pathetic sheep, unable to think for himself, blindly looking to follow the "credentialed." Typical.
Yeah, I get it. You read some slant pieces online and now you’re a clued-in rugged individualist. We’re all in awe.
To me it is all nonsense because most theories were founded long before the 2nd millenium. The new reality is a time where markets are oversaturated with everything, company margins are mostly razor sharp, markets very efficient, real wages stagnating or sinking for the average folks, productivity increases only make a short advantage before competition adopts it, they cut out geopolitical aspects in a globalized world and so on. The theories in summary are completely obsolete. Lower interest rates won't change anything for the working poors in all countries. They aren't even mentioned in modern economy theory which is another fact, but they are essentially the doom and gloom of every economy if their circumstances and prospects change.
I read When Genius failed when it first came out. If I recall correctly, John Meriwether took larger risks, and had more faith in the models, than did the scholars who developed them and were on the board. Moral of the story? A little bit of knowledge can be a dangerous thing in the wrong hands. Sound familiar?