Macroeconomics is still in its infancy

Noah Smith in Noahpinion:

It isn’t just pundits and commentators who are annoyed with the state of macro; economists in other fields often join in the criticism. For example, here’s Dan Hamermesh in 2011:

The economics profession is not in disrepute. Macroeconomics is in disrepute. The micro stuff that people like myself and most of us do has contributed tremendously and continues to contribute. Our thoughts have had enormous influence. It just happens that macroeconomics, firstly, has been done terribly and, secondly, in terms of academic macroeconomics, these guys are absolutely useless, most of them. Ask your brother-in-law. I’m sure he thinks, as do 90% of us, that most of what the macro guys do in academia is just worthless rubbish.

This is much harsher than I would put it, but it hints at some of the vicious internal battles being waged in the ivory tower. And even top macroeconomists are often quite upset at their field — see Paul Romer’s (extremely nerdy) 2015 broadside, “Mathiness in the Theory of Economic Growth”.

More here.