Krugman has (as usual in a confrontational tone) announced the end of the Chicago School.
It’s true that there were better times for the Chicago School, home of the Efficient Market Hypothesis, than the post financial crisis period of 2009/2010, but announcing the end of the School is a bit premature. I think as long as Chicago reconsiders some of its positions it needs not to perish (as Krugman surely wishes)…
What bothers me is Krugman’s style of writing. He quotes Fama and Cochrane in the second paragraph, but he does not give the link to their speaches/articles. How do I know he did not take the quotes out of the context, as he did with many in his “How did Economists get it so Wrong”? (See Cochrane’s response:”How did Paul Krugman Get it so Wrong?”)
True, based on the quotes Fama and Cochrane look like idiots, but did they really say that?… I am sorry, but I don’t trust Krugman’s articles any more.