Akerlof vs. Sargent

I’m trying to get caught up with the unread journals piling up on my couch. Last night I rummage through the May issue the American Economic Review with the papers from the most recent conference, organized by Thomas Sargent. With the glaring exception of a paper by James Heckman on education, I found very little of interest. Usually, the papers and proceedings have at least a few good sessions.

Today I picked up the March issue with a address by the past president, George Akerlof. What a stunning contrast! Akerlof trounces the abstract nonsense that passes for economic theory today. He rummages other social sciences order to inject some realism back into economics.

I understand my own sense of isolation within the discipline; I wonder how George must feel.