For some perspective on John Cochrane and his economic views:

http://delong.typepad.com/sdj/2009/02/why-do-we-economists-t...

http://delong.typepad.com/sdj/2009/01/time-to-bang-my-head-a...

Of course, the author of those blog posts, Brad DeLong, is also known as the author (only somewhat jokingly) of the Efficient Krugman Hypothesis (Postulate 1: Paul Krugman is always right. Postulate 2: If your analysis suggests Paul Krugman is wrong, see Postulate 1.),