I find myself in rare agreement with Paul Krugman, who posts:
I Am Not A Wise Man
A wise guy, yes. And maybe — I like to think so — someone with a pretty good though by no means error-free track record on depression economics…. [H]aving a medal from Sweden doesn’t mean that you’re wise, or even sensible. And it certainly doesn’t grant you the right to have your opinion treated as gospel. Maybe the prize entitles you to a hearing, but no more than that; from there on, it’s the quality of the argument that matters. And if an economist, no matter how credentialed, consistently makes low-quality arguments, he should be tuned out — whereas someone who consistently makes very good arguments deserves attention, even if he or she lacks impressive-sounding formal credentials.