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I have given up on macroeconomics.

Certainly it is a worthy field of study. But the science is too young, the systems it studies are too complex, and its practitioners are too often politicized for me to take its prescripts seriously in most policy debates.

Last week President Obama visited a new stimulus-funded electric-vehicle battery manufacturing facility in Michigan. The factory produces a product for which there is virtually no market, where worldwide manufacturing capacity already outpaces demand by a factor of three, and whose sales will depend on the government heavily subsidizing its customers.