Review Essay on Macroeconometrics

You have on prior occasion made Ray Fair out as a figure of fun, but Hernández-Villaverde is quite respectful. Please to reconcile.

It also seems that the essay does not say all that much about the unit root controversy, certainly not enough to weigh in substantially on the arguments that went on in the econoblogosphere over the matter.

Interestingly, I find a deep similarity between Fernandez-Villaverde's critique of "high modernism" in Macroeconomics and a similar, and I believe correct, critique of "global warming" theories. Both suffer from models which are virtually "meaningless" in the sense that there is little to no empirical capability to test the theories. In physics, string theorists suffer the same fate, but at least they seem aware of it. They also do not ask the rest of the world to spend or waste money/capital based on their wishes and theories alone.