Noah Smith has a blog post calling heteredox economics occult. Rather than write a long post which nobody will read, let me point out that Goldman Sachs’ chief economist Jan Hatzius uses Wynne Godley’s model. He frequently cites Wynne Godley (and only him!) for his model as well.
Noah Smith is a fan of investment banks and Goldman Sachs being the top firm should make him realize the importance of heterodox modelling.
Not only does heterodox economics have a framework, it is used by the top investment banking firm!
Here’s are two screen snips of GS’ paper written by their chief economist Jan Hatzius and describing their model in detail.
Jan Hatzius’ paper dated September 18, 2003
Jan Hatzius acknowledging Wynne Godley for his model of the US economy