Hah, this Noah Smith clown is still around? I can't believe he hasn't been fired yet! He's a real Class A joker-- maybe moreso than even imbecilic Paul Krugman! It's hard to believe there is a market for writing like that.

That aforelinked Zero Hedge-published response is such a great cursory retort that it's a worthwhile quick read for anybody, even those who conventionally aren't that interested in economics.