Wednesday, October 1, 2014

Dismal Soothsaying

Newsart for Dismal Soothsaying

Economists' spectacular failure to foresee crucial recent developments – including the collapse in the US housing market, the onset of the global financial crisis, and the duration and depth of the Great Recession – has powerfully undermined the credibility of the discipline's models and assumptions. What went wrong, and how can economists regain the trust of policymakers and citizens?

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