I wonder how many of those “some economists” there really are. I know that, e.g., Paul Krugman, one of Cochrane’s leading ideological opponents, vigorously denies that all models, data and experience say fiscal stimulus doesn’t work.
My point was not to argue about fiscal stimulus. Indeed, if you deny that the models, data, etc, say that, then that is an intellectually respectable position, same as with any scientific dispute. But what is definitely not respectable, what is below the sanity waterline, is the attitude in the quote—that science says X, but I don’t believe it anyway.
I understand that your point wasn’t to argue about fiscal stimulus (and you will notice that no part of what I wrote was was arguing about fiscal stimulus, as opposed to about opinions about fiscal stimulus). I’m calling into question how often Cochrane has really heard people say what he describes, as opposed to less transparently irrational things that he interprets that way because he can’t or won’t believe that his ideological opponents really think as they say they do.
My point was not to argue about fiscal stimulus. Indeed, if you deny that the models, data, etc, say that, then that is an intellectually respectable position, same as with any scientific dispute. But what is definitely not respectable, what is below the sanity waterline, is the attitude in the quote—that science says X, but I don’t believe it anyway.
And that is very widespread, in my experience.
I understand that your point wasn’t to argue about fiscal stimulus (and you will notice that no part of what I wrote was was arguing about fiscal stimulus, as opposed to about opinions about fiscal stimulus). I’m calling into question how often Cochrane has really heard people say what he describes, as opposed to less transparently irrational things that he interprets that way because he can’t or won’t believe that his ideological opponents really think as they say they do.