"Thus Say gives what is the first thorough explanation I have ever seen of irrational exuberance, overtrading, excessive leverage, disappointment, panic, flight to quality, excess demand for high-quality and liquid assets producing excess supply of goods and services and labor, falls in incomes, and the fall in incomes causing the initial problem to snowball..." - Brad DeLong, 2010
"The resurrection of Keynes among professional economists, public intellectuals, and especially politicians and policymakers in the wake of the global financial crisis of 2008 has been one of the most disappointing developments I have witnessed in my career as an economist... Keynesianism is indeed a disease on the body politic in democratic society. An economic doctrine of technocratic arrogance, it suffers from the “pretense of knowledge” and gives scope to the opportunistic behavior of politicians who become unconstrained by Keynesianism in practice." - Peter Boettke, 2012
I always enjoy reading what Boettke has to offer - the point of this study in contrasts is not at all to try to slam him as some kind of meanie (although his discussion of Keynes in the chapter I quote is surprisingly aggressive and dismissive).
What I want to highlight here is how I think he diagnoses the fault lines in economics, the nature of economics, and the primary issues at hand quite inaccurately. As I noted in a comment yesterday, it's not so much that Boettke's conception of "good economics" is bad (although of course I'm sure we'd all have our tweaks we'd make) - it's that he cannot take "yes" for an answer and seems to insist that there is a large divide that isn't really there.
The heart of Boettke's dissatisfaction and disappointment in my opinion has very little to do with economics and a lot more to do with what he considers to be good and bad political ideology. People on the "bad" side of the political ideology question are interpreted to have abandoned Smith, abandoned Hayek, abandoned Buchanan, signed off on any sort of interention and written off any concern with institutional design or constraint.
This, in my opinion, is barking up the wrong tree.