Once dogma is established, it takes a lot to change the status quo. Can you imagine someone like Krugman waking up some morning and thinking, "sheesk, I've been wrong all along. I've wasted my life work and time. I've taught all these thousands of students gibberish." Not gonna happen. No one likes to be wrong and goes doubly so for having to admit in public they were wrong (myself included). So they tweak the models and make excuses.

If indeed they are wrong (and I believe they are), it will take a new generation to straighten things out. The new generation will think "how could they have been so foolish? How could they have stuck with policies that didn't work for so long?"

John