1. Continue to write and speak as if we were still having a genuine intellectual dialogue, in the hope that politeness and persistence will make the pretense come true. I think that’s one way to understand Olivier Blanchard’s now somewhat infamous 2008 paper on the state of macro; he was, you could argue, trying to appeal to the better angels of freshwater nature. The trouble with this strategy, however, is that it can end up legitimizing work that doesn’t deserve respect — and there is also a tendency to let your own work get distorted as you try to find common ground where none exists.
2. Point out the wrongness, but quietly and politely. This has the virtue of being honest, and useful to anyone who reads it. But nobody will.
3. Point out the wrongness in ways designed to grab readers’ attention — with ridicule where appropriate, with snark, and with names attached. This will get read; it will get you some devoted followers, and a lot of bitter enemies. One thing it won’t do, however, is change any of those closed minds.
So is there a reason I go for door #3, other than simply telling the truth and having some fun while I’m at it? Yes — because the point is not to convince Rick Santelli or Allan Meltzer that they are wrong, which is never going to happen. It is, instead, to deter other parties from false equivalence. Inflation cultists can’t be moved; but reporters and editors who tend to put out views-differ-on-shape-of-planet stories because they think it’s safe can be, sometimes, deterred if you show that they are lending credence to charlatans. And this in turn can gradually move the terms of discussion, possibly even pushing the nonsense out of the Overton window.
And the inflation-cult story is, I think, a prime example. Yes, you still get coverage treating both sides as equivalent — but not nearly as consistently as in the past. When Paul hyperinflation-in-the-Hamptons Singer complains about the “Krugmanization” of the media, who have the impudence to point out that the inflation he and his friends kept predicting never materialized, that’s a sign that we’re getting somewhere.
It really would be nice not having to do things this way. But that’s the world we live in — and, as I said, there’s some compensation in the fact that one can have a bit of fun doing it.