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"All those professors chattering away about free trade and exchange rates and immigration -- to what end?"
For the end of the free exchange of ideas. It wouldn't be very controversial to say that the internet accelerated progress in biological research simply because scientists in distant locations were able to communicate with each other and discover where they were duplicating each other's work. I expect the same is true when people in any scientific discipline suddenly have a chance to talk to each other on a daily basis. In that context, I can't imagine how economic blogs could possibly NOT have a positive benefit.
