Five decades ago an economist at the University of California Los Angeles called Axel Leijonhufvud wrote a comic essay about his discipline

Entitled “Life Among the Econ”, it described the profession as if an anthropologist were observing a traditional community “in the far North”.

 “The facts (a) that the Econ are highly status-motivated, (b) that status is only to be achieved by making ‘modls’, and (c) that most of these ‘modls’ seem to be of little or no practical use,” 

Bernstein and Tedeschi issued a memo last month explaining why. “Summers is flat out wrong,” Bernstein declared.

Summers comes from this mainstream tradition. But the White House trio view the economy as a complex, evolving system without any single equilibrium. 

Gillian Tett FT 20 May 2021

https://www.ft.com/content/ecf08d1b-88e3-4c0e-ae3d-8242f52db278

Summers said monetary and fiscal policymakers had “underestimated the risks, very substantially, both to financial stability as well as to conventional inflation of protracted extremely low interest rates”.

https://englundmacro.blogspot.com/2021/05/policy-projections-suggesting-that.html