The New York Times has just published its 2010 "Year in Ideas" issue. One of the trends it identifies: D.I.Y. Macroeconomics. The financial crisis plus the growing availability of on-line data has given rise to "growing army of knowledgeable 'econo-bloggers'."
I agree with one of their conclusions: econo-bloggers "offer sophisticated interpretations of economic data and hold passionate debates with their readers over the merits of the data."
Yet I wonder about their other conclusion - that econo-blogging shifts control of the interpretation of economic data away from the economics profession:
Many of the authors of these blogs — the brains behind the Big Picture, Calculated Risk, Mish’s Global Economic Trend Analysis and others — aren’t academic economists but people with real-world experience in financial markets.
But then again, as an academic economist, I would want control to stay within the economics profession, wouldn't I?