Krugman v. Cochrane Through the Eyes of the Philosophers

Philosophers of science and economics generally take a dimmer view of economics (epecially macroeconomics) than the practitioners, including those in law schools.  The Krugman v. Cochrane dispute about the failure of "Chicago School" macroeconomics in the current financial crisis is an interesting case study of the problems afflicting macroeconomics.  Alexander Rosenberg, a leading philosopher of economics at Duke, comments here on some of the issues.