Paul Krugman posted this piece on the state of current macroeconomics and it has generated a fair amount of discussion. I have not followed all of it, but did quite like the response by Narayana Kocherlakota, now at Minnesota.
There is a whole genre of these sorts of "economics is going (or has already gone) to hell" sorts of essays, many of them written by disappointed Austrian or post-Keynesian economists. Unlike many authors of such pieces, Krugman actually knows the economics in question.
Narayana and I overlapped at Chicago but were largely in different circles. He was clever enough to marry my friend and classmate Barb McCutcheon.
Addendum: David Warsh's take from Economic Principals, which includes some additional links.
Who was my favorite student this term?
11 months ago