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Adam Tooze’s essay on Paul Krugman contains this very revelatory passage: “The more imperfections there are in a model, the less easy it is confidently to characterise the equilibrium that supposedly approximates the running of the actual economy. The result is liberating in its overturning of a simplistic faith in the self-regulating perfection of free trade or flexible markets, but it also creates an opportunity for heterodox economists and disreputable policy entrepreneurs. Upholding the rigour and status of proper economics thus requires vigilant policing. Summers, for example, can take startlingly radical positions on such issues as secular stagnation and the need to increase the bargaining power of organised labour, while at the same time feuding with the left over wealth taxes and stimulus cheques. Similarly, William Nordhaus, the Nobel Prize-winning climate economist, has spent much of his career since the 1970s policing the boundary between climate alarmism and what hi

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