The getting of wisdom

Paul Krugman’s Talmudic-like examination of documents by Nobel prize winner John Tobin seems to dismiss the idea that banks matter in macroeconomics. But there were two John Tobins… and Krugman has picked the wrong one.

Readers with long memories will recall Paul Krugman describing interest in the history of economic thought as “Talmudic scholarship” (see figure 1), and dismissing it with an emphatic “I Don’t Care”.

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