Greg Mankiw provides some common-sense to a debate that has lost touch with the basics in economic research and graduate education. Tyler Cowen provides another example of how the blogosphere is allow the "debate" to move forward without time to reflect on logic and evidence. We need to remember Steve Horwitz's phraseology here --- "ought cannot presuppose can" and also just because "we can", it doesn't follow that "we should".

Paul Krugman doesn't like reading Hayek on monetary theory and the trade cycle, I bet he would have an even more negative reaction to reading Buchanan on

. As with Hayek, he should be reading Buchanan. And follow that with reading Robert Higgs, both

Crisis and Leviathan

and

Depression, War and Cold War

. Aggregate Demand management macroeconomics theory does not substitute for the logic of economics and the empirics of economic history. Let's raise the level of debate among professional economists in the blogosphere. If Paul Krugman can call Barro a "bone-head", then perhaps my depiction of him as the champion of "hackonomics" can become common parlance. Not sure much will be advanced by either side engaged in name calling. That, of course, goes from Brad de Long's habit of providing a list of "right-wing nut jobs" and "ethics free Republicans." On the other hand, it can be fun to sneer at those you deem lesser than you and your friends. Still don't you think we can do better than this? Especially, I might add as does Cowen, that the evidence while perhaps not as strong as one might like for the skeptics is non-existent for the pro-fiscal stimulus side.